Mirabella Financial Services LLP Purchases New Stake in Freeport-McMoRan Inc. $FCX

Mirabella Financial Services LLP purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 58,229 shares of the natural resource company’s stock, valued at approximately $2,282,000.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its position in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $560,000. Boston Partners boosted its stake in Freeport-McMoRan by 14.9% during the 2nd quarter. Boston Partners now owns 5,542,388 shares of the natural resource company’s stock valued at $240,230,000 after purchasing an additional 716,770 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Freeport-McMoRan by 7.2% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 352,236 shares of the natural resource company’s stock worth $15,269,000 after purchasing an additional 23,596 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $57.89 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The firm has a market cap of $83.20 billion, a PE ratio of 38.34, a P/E/G ratio of 0.66 and a beta of 1.41. The business has a 50 day moving average of $61.73 and a 200-day moving average of $50.08. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same period last year, the company posted $0.31 earnings per share. Freeport-McMoRan’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s payout ratio is presently 19.87%.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock worth $35,839,918 in the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several analyst reports. Wells Fargo & Company increased their price objective on Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a report on Tuesday, January 27th. HSBC increased their price target on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. Finally, Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.59.

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.