Waverly Advisors LLC Grows Stock Position in Freeport-McMoRan Inc. $FCX

Waverly Advisors LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 873.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 575,549 shares of the natural resource company’s stock after buying an additional 516,450 shares during the quarter. Waverly Advisors LLC’s holdings in Freeport-McMoRan were worth $36,196,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of Freeport-McMoRan by 6,434.3% in the second quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company’s stock valued at $8,941,824,000 after acquiring an additional 140,006,047 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp grew its holdings in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Bank of America Corp DE grew its holdings in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction 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 $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded up $3.88 on Tuesday, reaching $76.61. 16,779,121 shares of the stock were exchanged, compared to its average volume of 16,936,262. The business has a 50 day moving average price of $66.62 and a two-hundred day moving average price of $64.46. The firm has a market capitalization of $110.01 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 0.71 and a beta of 1.41. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $80.24. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FCX. Scotiabank raised their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. HSBC increased their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. BNP Paribas Exane boosted 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. Finally, Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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.