Diversify Advisory Services LLC Invests $1.80 Million in Freeport-McMoRan Inc. $FCX

Diversify Advisory Services LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,743 shares of the natural resource company’s stock, valued at approximately $1,803,000.

Several other hedge funds have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan during the 4th quarter valued at about $25,000. Steph & Co. boosted its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $29,000. Finally, SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $69.02 on Thursday. The company has a market capitalization of $99.12 billion, a PE ratio of 34.00, a PEG ratio of 0.66 and a beta of 1.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock’s fifty day simple moving average is $64.29 and its 200 day simple moving average is $63.25.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating 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 firm 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 firm earned $0.54 earnings per share. The company’s revenue was down 7.3% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Insider Activity

In related news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 in the last quarter. 0.73% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FCX shares. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Raymond James Financial lowered their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Jefferies Financial Group increased their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, BNP Paribas Exane increased their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $70.27.

About Freeport-McMoRan

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.