20,228 Shares of Freeport-McMoRan Inc. $FCX Purchased by Hohimer Wealth Management LLC

Key Points

• Hohimer Wealth Management initiated a position in Freeport-McMoRan, buying 20,228 shares valued at approximately $1.42 million in the third quarter.
• Freeport-McMoRan reported quarterly EPS of $0.88, beating the $0.82 consensus estimate; revenue of $7.55 billion was up 8.2% year over year and also exceeded expectations.
• Analysts hold a consensus “Moderate Buy” rating, with an average price target of $75.30. The company’s quarterly dividend is $0.075 per share, equivalent to a 0.5% annual yield.

Hohimer Wealth Management LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 20,228 shares of the natural resource company's stock, valued at approximately $1,416,000.

Other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of Freeport-McMoRan by 3.6% in the 2nd 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. Bank of America Corp DE increased its holdings in Freeport-McMoRan by 20.0% in the first 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 during the last quarter. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company's stock valued at $938,197,000 after purchasing an additional 1,810,698 shares during the last quarter. Amundi increased its holdings in Freeport-McMoRan by 10.5% in the second quarter. Amundi now owns 11,819,898 shares of the natural resource company's stock valued at $743,353,000 after purchasing an additional 1,125,982 shares during the last quarter. Finally, Jupiter Topco LLC acquired a new position in Freeport-McMoRan in the second quarter valued at about $739,890,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 5.0%

NYSE FCX opened at $62.38 on Tuesday. Freeport-McMoRan Inc. has a one year low of $38.85 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91. The firm has a market cap of $89.58 billion, a P/E ratio of 26.21, a P/E/G ratio of 0.58 and a beta of 1.38. The stock's 50-day moving average is $69.56 and its 200-day moving average is $65.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. During the same period in the previous year, the firm earned $0.50 EPS. Freeport-McMoRan's quarterly revenue was up 8.2% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.02 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were given a dividend of $0.0750 per share. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio is currently 12.61%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FCX shares. The Goldman Sachs Group restated a "buy" rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Wells Fargo & Company lowered their price target on Freeport-McMoRan from $87.00 to $79.00 and set an "overweight" rating for the company in a research note on Wednesday, October 28th. Barclays increased their price target on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the company an "overweight" rating in a research report on Monday, October 19th. Finally, Scotiabank reduced their price objective on shares of Freeport-McMoRan from $80.00 to $78.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus price target of $75.30.

Insider Buying and Selling at Freeport-McMoRan

In related news, Director Lydia H. Kennard sold 3,798 shares of the business's 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 of the company's stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the company's 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 completion of the transaction, the executive vice president directly owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is owned by corporate insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.

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