Diversify Advisory Services LLC Takes $1.80 Million Position in Freeport-McMoRan Inc. $FCX

Diversify Advisory Services LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,743 shares of the natural resource company’s stock, valued at approximately $1,803,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI bought a new position in Freeport-McMoRan during the second quarter worth about $480,000. Trust Co. of Vermont bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $317,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $35,515,000. USA Financial Formulas acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $280,000. Finally, First Community Trust NA acquired a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 4.1%

FCX stock opened at $69.02 on Thursday. The business has a fifty day moving average price of $64.29 and a 200 day moving average price of $63.25. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The stock has a market capitalization of $99.12 billion, a price-to-earnings ratio of 34.00, a P/E/G ratio of 0.66 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last posted 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. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 26,600 shares of company stock worth $1,802,012. Insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wells Fargo & Company raised their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Barclays upped their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Raymond James Financial cut their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Company 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.