72,730 Shares of Freeport-McMoRan Inc. $FCX Bought by Geneva Partners LLC

Geneva Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 72,730 shares of the natural resource company’s stock, valued at approximately $5,091,000. Freeport-McMoRan makes up approximately 1.5% of Geneva Partners LLC’s investment portfolio, making the stock its 27th largest holding.

Other hedge funds also recently bought and sold shares of the company. NBH Bank purchased a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $29,000. Financial Life Planners purchased a new position in Freeport-McMoRan in the first quarter worth approximately $34,000. Roxbury Financial LLC lifted its stake in Freeport-McMoRan by 196.5% in the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 393 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on FCX shares. Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 9th. Freedom Broker lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. Erste Group Bank began coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They set a “buy” rating for the company. Finally, BMO Capital Markets increased their target price on Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.27.

Freeport-McMoRan Trading Up 0.1%

Shares of Freeport-McMoRan stock opened at $65.24 on Tuesday. 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 fifty day simple moving average of $71.87 and a 200-day simple moving average of $65.06. The stock has a market cap of $93.69 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 0.58 and a beta of 1.39. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director owned 122,702 shares in the company, valued at $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Douglas Currault, II sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock valued at $8,387,271 in the last ninety days. 0.73% of the stock is currently owned by insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.