Jones Financial Companies Lllp Has $30.59 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Jones Financial Companies Lllp raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 489,796 shares of the natural resource company’s stock after acquiring an additional 154,479 shares during the quarter. Jones Financial Companies Lllp’s holdings in Freeport-McMoRan were worth $30,589,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the fourth quarter worth approximately $29,000. Finally, Financial Life Planners bought a new position in Freeport-McMoRan in the first quarter worth approximately $34,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.5%

Shares of NYSE:FCX opened at $77.79 on Tuesday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $78.88. The company has a market capitalization of $111.71 billion, a PE ratio of 38.32, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. The business has a fifty day moving average price of $64.71 and a two-hundred day moving average price of $63.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the previous year, the business posted $0.54 EPS. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 26,600 shares of company stock worth $1,802,012. 0.73% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Barclays increased their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. HSBC raised their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Company 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.