80,563 Shares in Freeport-McMoRan Inc. $FCX Bought by Ninepoint Partners LP

Key Points

• Ninepoint Partners initiated a position in Freeport-McMoRan by purchasing 80,563 shares valued at approximately $5.1 million. Institutional investors collectively own 80.77% of FCX’s outstanding stock.
• Analysts remain broadly positive, with one Strong Buy, 19 Buy and three Hold ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $70.27.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in EPS versus a $0.62 consensus estimate and $7.03 billion in revenue. Shares opened at $71.18, near the company’s 12-month high, while insiders have sold 26,600 shares worth $1.8 million over the past 90 days.

Ninepoint Partners LP bought 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 filing with the SEC. The institutional investor bought 80,563 shares of the natural resource company's stock, valued at approximately $5,067,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Bancorp Inc. raised its position in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock valued at $118,000 after buying an additional 147 shares during the last quarter. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares during the last quarter. Richardson Financial Services Inc. grew its stake in shares of Freeport-McMoRan by 11.6% during the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock worth $97,000 after acquiring an additional 160 shares in the last quarter. Essex Bank grew its stake in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock worth $829,000 after acquiring an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC raised its holdings in shares of Freeport-McMoRan by 2.6% in the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company's stock valued at $427,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Barclays lifted their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Raymond James Financial dropped their target price on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. CICC Research reduced their price target on Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research report on Tuesday, April 28th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $70.27.

Insider Activity

In other news, CAO Ellie L. Mikes sold 4,773 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company's stock, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,600 shares of company stock valued at $1,802,012 in the last ninety days. 0.73% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Up 3.0%

Shares of NYSE:FCX opened at $71.18 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The stock has a market cap of $102.22 billion, a PE ratio of 35.06, a P/E/G ratio of 0.69 and a beta of 1.37. The business has a 50 day moving average of $64.38 and a 200-day moving average of $63.33. 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 - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 earnings per share. Freeport-McMoRan's revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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