Robinhood Asset Management LLC Acquires Shares of 266,275 Freeport-McMoRan Inc. $FCX

Robinhood Asset Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 266,275 shares of the natural resource company’s stock, valued at approximately $16,746,000. Freeport-McMoRan makes up 0.9% of Robinhood Asset Management LLC’s investment portfolio, making the stock its 21st biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan in the first quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the fourth quarter valued at about $29,000. Finally, SHP Wealth Management acquired a new position in Freeport-McMoRan during the fourth quarter worth about $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $76.68 on Friday. The stock’s 50-day moving average is $64.55 and its 200-day moving average is $63.42. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $77.33. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $110.11 billion, a P/E ratio of 37.77, a price-to-earnings-growth ratio of 0.71 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued 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 (DPR) is presently 14.78%.

Insider Buying and Selling

In other news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction on 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 directly owned 36,000 shares in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. 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 in the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Bank of America upped their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Finally, BNP Paribas Exane boosted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. One research 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.27.

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.