SIR Capital Management L.P. Has $13.03 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

SIR Capital Management L.P. decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 62.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 207,100 shares of the natural resource company’s stock after selling 351,594 shares during the quarter. Freeport-McMoRan comprises 1.5% of SIR Capital Management L.P.’s investment portfolio, making the stock its 18th biggest position. SIR Capital Management L.P.’s holdings in Freeport-McMoRan were worth $13,025,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC lifted its position in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares during the last quarter. Bison Wealth LLC increased its stake in shares of Freeport-McMoRan by 5.6% during the fourth 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 period. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $560,000. Brown Advisory Inc. boosted its stake in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC grew its holdings in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after buying an additional 14,992 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Jefferies Financial Group increased their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.27.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 26,600 shares of company stock worth $1,802,012 over the last three months. 0.73% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Up 1.5%

Shares of Freeport-McMoRan stock opened at $77.79 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $78.88. The company has a market capitalization of $111.71 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 0.76 and a beta of 1.37. The firm’s 50-day moving average price is $64.71 and its two-hundred day moving average price is $63.53.

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

Freeport-McMoRan Announces Dividend

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. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

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.