Cedar Wealth Management LLC Makes New $408,000 Investment in Freeport-McMoRan Inc. $FCX

Cedar Wealth Management LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, HoldingsChannel reports. The fund bought 10,405 shares of the natural resource company’s stock, valued at approximately $408,000.

A number of other institutional investors have also recently made changes to their positions in FCX. Neo Ivy Capital Management bought a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $3,552,000. Gabelli Funds LLC increased its holdings in shares of Freeport-McMoRan by 10.6% in the 3rd quarter. Gabelli Funds LLC now owns 1,332,350 shares of the natural resource company’s stock worth $52,255,000 after purchasing an additional 127,590 shares in the last quarter. Aptus Capital Advisors LLC raised its stake in shares of Freeport-McMoRan by 8.9% in the third quarter. Aptus Capital Advisors LLC now owns 87,968 shares of the natural resource company’s stock worth $3,450,000 after purchasing an additional 7,153 shares during the last quarter. LOM Asset Management Ltd raised its stake in shares of Freeport-McMoRan by 7.0% in the third quarter. LOM Asset Management Ltd now owns 56,794 shares of the natural resource company’s stock worth $2,227,000 after purchasing an additional 3,723 shares during the last quarter. Finally, Consolidated Portfolio Review Corp bought a new position in shares of Freeport-McMoRan during the third quarter valued at $291,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. This trade represents a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the transaction, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 in the last 90 days. 0.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FCX shares. Scotiabank increased their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, February 19th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and upped their target price for the company from $53.50 to $54.00 in a research note on Friday, January 23rd. Raymond James Financial raised their price target on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. BNP Paribas Exane lifted their price target on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Finally, Stifel Nicolaus boosted their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $59.29 on Friday. The firm has a market capitalization of $85.21 billion, a P/E ratio of 39.27, a PEG ratio of 0.73 and a beta of 1.41. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The business has a fifty day moving average of $60.80 and a 200 day moving average of $49.29.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is 19.87%.

Freeport-McMoRan 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.