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

Strategic Wealth Partners Ltd. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 230,909 shares of the natural resource company’s stock after purchasing an additional 9,726 shares during the quarter. 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 institutional investors have also modified their holdings of the stock. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $25,000. Steph & Co. raised its stake in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at $29,000. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $29,000. Finally, SHP Wealth Management acquired a new position in Freeport-McMoRan in the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FCX. Stifel Nicolaus raised their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. BNP Paribas Exane raised their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. CICC Research cut their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, Sanford C. Bernstein lifted their price target 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. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.27.

Insider Activity at Freeport-McMoRan

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

Freeport-McMoRan Trading Up 7.7%

NYSE FCX opened at $76.68 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a market cap of $110.11 billion, a PE ratio of 37.77, a P/E/G ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $77.33. The firm’s fifty day moving average is $64.55 and its two-hundred day moving average is $63.42.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.

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.