NewEdge Wealth LLC Has $3.34 Million Stock Position in Freeport-McMoRan Inc. $FCX

NewEdge Wealth LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,047 shares of the natural resource company’s stock after acquiring an additional 7,662 shares during the period. NewEdge Wealth LLC’s holdings in Freeport-McMoRan were worth $3,336,000 at the end of the most recent quarter.

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

Insider Activity

In related news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan 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 transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 26,600 shares of company stock valued at $1,802,012. Insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on FCX shares. Scotiabank upped their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Raymond James Financial lowered their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, Jefferies Financial Group lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $71.18 on Friday. 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 company has a market capitalization of $102.22 billion, a PE ratio of 35.06, a P/E/G ratio of 0.69 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 stock has a 50-day moving average price of $64.38 and a two-hundred day moving average price of $63.33.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The firm’s revenue was down 7.3% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

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.