11,765,253 Shares in Freeport-McMoRan Inc. $FCX Bought by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 11.77 million Freeport-McMoRan shares worth approximately $739.9 million, giving it a 0.82% stake. Institutional investors collectively own 80.77% of FCX.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $70.27, although recent targets ranged from $58.50 to $77.00.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in earnings per share versus a $0.62 consensus estimate and $7.03 billion in revenue. The company also paid a quarterly dividend of $0.075 per share.

Jupiter Topco LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,765,253 shares of the natural resource company's stock, valued at approximately $739,890,000. Jupiter Topco LLC owned 0.82% of Freeport-McMoRan as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Steph & Co. increased its holdings in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $29,000. Finally, SHP Wealth Management purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on FCX shares. CICC Research decreased their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research note on Tuesday, April 28th. Sanford C. Bernstein increased their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a research note on Wednesday, June 10th. Weiss Ratings raised shares of Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.27.

Insiders Place Their Bets

In related news, CAO Stephen T. Higgins sold 14,277 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 26,600 shares of company stock worth $1,802,012 in the last three months. 0.73% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Up 2.7%

FCX stock opened at $79.91 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $79.95. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $114.75 billion, a P/E ratio of 39.36, a PEG ratio of 0.77 and a beta of 1.37. The company's 50-day simple moving average is $64.90 and its 200-day simple moving average is $63.66.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly 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 company had revenue of $7.03 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given 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 14.78%.

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.

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