Proficio Capital Partners LLC Acquires Shares of 10,403 Freeport-McMoRan Inc. $FCX

Proficio Capital Partners LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,403 shares of the natural resource company’s stock, valued at approximately $654,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its holdings in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC bought a new stake in Freeport-McMoRan during the second quarter valued at $560,000. Brown Advisory Inc. raised its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC raised its holdings in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 110,398 shares of company stock worth $8,387,271 over the last ninety days. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $73.97 on Thursday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The stock’s fifty day moving average is $65.99 and its 200-day moving average is $64.24. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a market capitalization of $106.22 billion, a price-to-earnings ratio of 36.44, a price-to-earnings-growth ratio of 0.71 and a beta of 1.41.

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, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.81 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 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 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. HSBC lifted their target price on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Morgan Stanley increased their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Barclays boosted their price objective on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Finally, Bank of America increased their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.27.

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.