Freeport-McMoRan Inc. (NYSE:FCX) Stake Reduced by Transform Wealth LLC

Transform Wealth LLC lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 22.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 128,791 shares of the natural resource company’s stock after selling 36,889 shares during the period. Transform Wealth LLC’s holdings in Freeport-McMoRan were worth $3,768,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. St. Johns Investment Management Company LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth about $25,000. FNY Investment Advisers LLC raised its holdings in shares of Freeport-McMoRan by 1,250.0% during the first quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock valued at $26,000 after acquiring an additional 500 shares during the period. GHP Investment Advisors Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $26,000. Fairfield Bush & CO. acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $26,000. Finally, Core Alternative Capital grew its position in Freeport-McMoRan by 444.7% during the 1st quarter. Core Alternative Capital now owns 561 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 458 shares in the last quarter. 77.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FCX shares. Exane BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 target price on the stock in a research note on Wednesday, July 13th. Barclays cut their price objective on Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating for the company in a report on Tuesday, July 19th. The Goldman Sachs Group cut their price objective on Freeport-McMoRan from $54.00 to $46.00 and set a “buy” rating for the company in a report on Thursday, July 14th. Deutsche Bank Aktiengesellschaft cut their price objective on Freeport-McMoRan from $37.00 to $35.00 in a report on Friday, July 22nd. Finally, Credit Suisse Group cut their price objective on Freeport-McMoRan to $34.00 in a report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $42.00.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $1.98 during midday trading on Friday, hitting $26.37. The company’s stock had a trading volume of 1,111,008 shares, compared to its average volume of 16,525,469. The stock has a market capitalization of $37.69 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 0.36 and a beta of 2.00. The stock’s 50 day simple moving average is $29.85 and its 200 day simple moving average is $36.76. Freeport-McMoRan Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $51.99. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.94 and a current ratio of 2.73.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $6.20 billion. During the same period last year, the business earned $0.77 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.69 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Thursday, October 13th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 9.12%.

Insider Buying and Selling

In other news, Director Ryan Michael Lance bought 31,000 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were acquired at an average cost of $31.88 per share, with a total value of $988,280.00. Following the completion of the transaction, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Freeport-McMoRan news, Director Ryan Michael Lance purchased 31,000 shares of the business’s stock in a transaction on Monday, August 29th. The stock was purchased at an average price of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the purchase, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sara Grootwassink Lewis purchased 3,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were acquired at an average price of $28.79 per share, with a total value of $86,370.00. Following the purchase, the director now owns 13,800 shares of the company’s stock, valued at $397,302. The disclosure for this purchase can be found here. 0.72% of the stock is owned by company insiders.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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