Freeport-McMoRan Inc. $FCX Shares Bought by Strategic Wealth Partners Ltd.

Strategic Wealth Partners Ltd. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 230,909 shares of the natural resource company’s stock after purchasing an additional 9,726 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Freeport-McMoRan were worth $14,522,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of FCX. Steph & Co. grew its holdings in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $29,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $34,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,600 shares of company stock valued at $1,802,012 in the last quarter. Company insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Up 7.7%

Shares of NYSE FCX opened at $76.68 on Friday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $77.33. The firm has a fifty day moving average of $64.55 and a 200-day moving average of $63.42. The stock has a market capitalization of $110.11 billion, a PE ratio of 37.77, a P/E/G ratio of 0.76 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the firm posted $0.54 EPS. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Sanford C. Bernstein lifted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Jefferies Financial Group upped their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

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.