NewEdge Wealth LLC Has $2.54 Million Stake in Freeport-McMoRan Inc. $FCX

NewEdge Wealth LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 35.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,022 shares of the natural resource company’s stock after buying an additional 13,101 shares during the quarter. NewEdge Wealth LLC’s holdings in Freeport-McMoRan were worth $2,541,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. KBC Group NV raised its position in shares of Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares during the period. Great Lakes Advisors LLC raised its position in shares of Freeport-McMoRan by 8.0% during the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock worth $60,840,000 after purchasing an additional 115,285 shares during the period. Summit Global Investments raised its position in shares of Freeport-McMoRan by 278.4% during the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares during the period. Wellington Management Group LLP raised its position in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at approximately $1,066,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group lifted their target price on Freeport-McMoRan from $66.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Citigroup lowered their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a research note on Friday, April 24th. Finally, Raymond James Financial lowered their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $65.14.

Insiders Place Their Bets

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 transaction of $2,985,175.00. Following the transaction, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. This represents a 37.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the transaction, the chief accounting officer owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 89,154 shares of company stock worth $5,535,707 in the last quarter. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 2.6%

Shares of FCX opened at $66.04 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The firm has a market cap of $94.92 billion, a P/E ratio of 35.13, a price-to-earnings-growth ratio of 0.77 and a beta of 1.32. The firm’s 50-day simple moving average is $61.52 and its 200 day simple moving average is $55.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm posted $0.24 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

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.