Galaxy Digital Capital Management GP LLC Has $715,000 Stake in Freeport-McMoRan Inc. $FCX

Galaxy Digital Capital Management GP LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 301.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 11,372 shares of the natural resource company’s stock after acquiring an additional 8,542 shares during the quarter. Galaxy Digital Capital Management GP LLC’s holdings in Freeport-McMoRan were worth $715,000 at the end of the most recent quarter.

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

Freeport-McMoRan Trading Up 2.7%

Shares of NYSE:FCX opened at $79.91 on Wednesday. The firm has a market cap of $114.75 billion, a price-to-earnings ratio of 39.36, a PEG ratio of 0.77 and a beta of 1.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $79.95. The company’s fifty day simple moving average is $64.90 and its 200 day simple moving average is $63.66. 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 earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FCX shares. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. The Goldman Sachs Group lowered their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Stifel Nicolaus raised their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. HSBC lifted their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. One investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Insider Activity

In other news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The stock was 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 of the company’s stock, valued at approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,600 shares of company stock valued at $1,802,012 over the last ninety days. 0.73% of the stock is owned by insiders.

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.