Momentum Wealth Planning LLC Purchases New Position in Freeport-McMoRan Inc. $FCX

Momentum Wealth Planning LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 79,800 shares of the natural resource company’s stock, valued at approximately $3,459,000. Freeport-McMoRan accounts for about 2.9% of Momentum Wealth Planning LLC’s portfolio, making the stock its 10th biggest position.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.6% in the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after purchasing an additional 1,941,662 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 3.2% in the 2nd quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company’s stock valued at $2,703,250,000 after purchasing an additional 1,926,493 shares during the period. State Street Corp boosted its stake in Freeport-McMoRan by 0.5% in the 2nd 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 period. Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Amundi increased its position in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCX. Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and dropped their price objective for the stock from $51.00 to $47.00 in a research note on Wednesday, November 19th. Royal Bank Of Canada cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. BNP Paribas Exane lowered their target price on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, December 5th. Finally, Johnson Rice dropped their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Buy” and an average price target of $48.30.

Freeport-McMoRan Trading Down 1.5%

Shares of Freeport-McMoRan stock opened at $47.41 on Monday. The company has a quick ratio of 1.19, a current ratio of 2.45 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 $49.12. The company has a market capitalization of $68.08 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 1.07 and a beta of 1.49. The firm’s 50-day moving average price is $41.92 and its two-hundred day moving average price is $42.48.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 28,423 shares of Freeport-McMoRan stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total value of $1,364,019.77. Following the transaction, the chief accounting officer owned 105,294 shares in the company, valued at approximately $5,053,059.06. This trade represents a 21.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.