NewEdge Wealth LLC Purchases 7,662 Shares of Freeport-McMoRan Inc. $FCX

NewEdge Wealth LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,047 shares of the natural resource company’s stock after purchasing an additional 7,662 shares during the quarter. NewEdge Wealth LLC’s holdings in Freeport-McMoRan were worth $3,336,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after purchasing an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $8,857,000. Franklin Resources Inc. raised its stake in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after acquiring an additional 213,477 shares during the last quarter. Finally, Applied Finance Capital Management LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth $868,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.0%

NYSE:FCX opened at $71.18 on Friday. The stock has a 50-day simple moving average of $64.38 and a 200 day simple moving average of $63.33. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a market cap of $102.22 billion, a PE ratio of 35.06, a PEG ratio of 0.69 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period last year, the business earned $0.54 EPS. The business’s quarterly revenue was down 7.3% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently commented on FCX. BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Royal Bank Of Canada increased their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. HSBC upped their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Finally, Raymond James Financial reduced their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Insider Activity

In other Freeport-McMoRan news, 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 sale, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 26,600 shares of company stock worth $1,802,012 in the last quarter. 0.73% of the stock is currently owned by corporate insiders.

Freeport-McMoRan 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.