14,742 Shares of Freeport-McMoRan Inc. $FCX Bought by USA Financial Formulas

USA Financial Formulas bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,742 shares of the natural resource company’s stock, valued at approximately $1,032,000.

A number of other institutional investors and hedge funds have also made changes to their positions in FCX. Jupiter Topco LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $739,890,000. Bank of America Corp DE increased its stake in Freeport-McMoRan by 20.0% in 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 in the last quarter. Janus Henderson Group PLC raised its holdings in Freeport-McMoRan by 101.2% during the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock worth $675,896,000 after purchasing an additional 5,784,156 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Freeport-McMoRan by 84.9% during the third quarter. Assenagon Asset Management S.A. now owns 5,448,772 shares of the natural resource company’s stock worth $381,414,000 after purchasing an additional 2,501,881 shares during the last quarter. Finally, State Street Corp raised its holdings in Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after purchasing an additional 2,300,416 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Douglas Currault, II sold 80,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lydia Kennard sold 3,798 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,398 shares of company stock valued at $8,387,271 over the last three months. Insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on FCX. The Goldman Sachs Group reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. Wells Fargo & Company boosted their price objective on shares of Freeport-McMoRan from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They issued a “buy” rating on the stock. Freedom Broker cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Finally, Sanford C. Bernstein dropped their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $76.22.

Freeport-McMoRan Price Performance

FCX stock opened at $69.33 on Friday. Freeport-McMoRan Inc. has a 1 year low of $38.54 and a 1 year high of $80.24. 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 stock’s 50 day moving average price is $72.12 and its 200 day moving average price is $66.62. The firm has a market cap of $99.57 billion, a P/E ratio of 34.16, a PEG ratio of 0.65 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be given a $0.0750 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.