Parallel Advisors LLC Raises Position in Freeport-McMoRan Inc. $FCX

Parallel Advisors LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 35.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 58,825 shares of the natural resource company’s stock after buying an additional 15,434 shares during the period. Parallel Advisors LLC’s holdings in Freeport-McMoRan were worth $2,307,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of FCX. Steigerwald Gordon & Koch Inc. bought a new position in Freeport-McMoRan during the 3rd quarter valued at $25,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $28,000. Salomon & Ludwin LLC raised its holdings in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Freeport-McMoRan during the third quarter valued at about $36,000. Finally, Proffitt & Goodson Inc. lifted its position in shares of Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 278 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bank of America increased their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Raymond James Financial lifted their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. HSBC upped their price objective on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 603,140 shares of company stock valued at $37,660,139. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Up 1.8%

Shares of NYSE FCX opened at $60.42 on Tuesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The business’s fifty day moving average price is $60.98 and its 200-day moving average price is $49.53. The stock has a market capitalization of $86.84 billion, a PE ratio of 40.01, a P/E/G ratio of 0.70 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm posted $0.31 EPS. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

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.