Nwam LLC Purchases 33,429 Shares of Freeport-McMoRan Inc. $FCX

Nwam LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 80.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 74,837 shares of the natural resource company’s stock after buying an additional 33,429 shares during the period. Nwam LLC’s holdings in Freeport-McMoRan were worth $3,801,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $560,000. Brown Advisory Inc. boosted its position in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its position in shares of Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is owned by insiders.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Zacks Research lifted earnings estimates for multiple future periods, signaling a stronger profit outlook for Freeport-McMoRan.
• Positive Sentiment: Reports that the Grasberg mine may return to full production in 2028 support the longer-term copper production story for FCX.
• Neutral Sentiment: The stock’s recent six-month gain reflects stronger copper prices and earnings, but this move may already reflect much of the optimism. Article Title
• Negative Sentiment: Higher costs and softer production volumes could pressure near-term results and limit upside in FCX shares. Article Title

Freeport-McMoRan Stock Performance

FCX stock opened at $61.65 on Friday. The business’s 50-day moving average price is $61.79 and its two-hundred day moving average price is $54.79. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm has a market cap of $88.60 billion, a PE ratio of 32.79, a P/E/G ratio of 0.74 and a beta of 1.32. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $70.96.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the business posted $0.24 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FCX. Morgan Stanley restated an “equal weight” rating and issued a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Tuesday, April 21st. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, BMO Capital Markets raised their price target on Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.14.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.