Mirabella Financial Services LLP Acquires Shares of 58,229 Freeport-McMoRan Inc. $FCX

Mirabella Financial Services LLP bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, Holdings Channel reports. The firm bought 58,229 shares of the natural resource company’s stock, valued at approximately $2,282,000.

Several other hedge funds have also recently made changes to their positions in FCX. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company’s stock worth $5,049,975,000 after acquiring an additional 1,776,241 shares during the last quarter. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 1.4% in the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock valued at $2,480,995,000 after acquiring an additional 899,699 shares during the period. State Street Corp lifted its holdings in Freeport-McMoRan by 0.5% during the second quarter. State Street Corp now owns 61,787,174 shares of the natural resource company’s stock valued at $2,678,474,000 after purchasing an additional 320,514 shares during the last quarter. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Freeport-McMoRan by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock worth $849,945,000 after purchasing an additional 435,963 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 40,773 shares in the company, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the transaction, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 565,145 shares of company stock worth $35,839,918. Company insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FCX shares. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. CICC Research raised their price objective on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a report on Monday, January 26th. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Raymond James Financial boosted their target price 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. Finally, Jefferies Financial Group increased their target price on Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Trading Up 2.7%

Shares of Freeport-McMoRan stock opened at $57.89 on Tuesday. The company’s 50-day moving average price is $61.73 and its 200-day moving average price is $50.08. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $69.75. The company has a market cap of $83.20 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 0.66 and a beta of 1.41.

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

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

About Freeport-McMoRan

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.