84,883 Shares in Freeport-McMoRan Inc. $FCX Bought by AXQ Capital LP

Key Points

• AXQ Capital LP acquired 84,883 Freeport-McMoRan shares worth approximately $5.34 million in the second quarter, making FCX 0.6% of its portfolio. Institutional investors collectively own 80.77% of the company.
• Freeport-McMoRan insiders sold 110,398 shares worth $8.39 million in the latest quarter, including sizable sales by executives Douglas Currault II and Stephen Higgins.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $70.27. The company exceeded quarterly earnings and revenue expectations, reporting $0.74 EPS and $7.03 billion in revenue.

AXQ Capital LP acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 84,883 shares of the natural resource company's stock, valued at approximately $5,338,000. Freeport-McMoRan accounts for 0.6% of AXQ Capital LP's investment portfolio, making the stock its 16th largest position.

Several other large investors have also bought and sold shares of the stock. Brighton Jones LLC lifted its stake in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC raised its holdings in Freeport-McMoRan by 5.6% during the 4th 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 last quarter. Sivia Capital Partners LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth approximately $560,000. Brown Advisory Inc. lifted its position in shares of Freeport-McMoRan by 27.0% in the 2nd 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 lifted its position in shares of Freeport-McMoRan by 42.7% in the 2nd 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. 80.77% of the stock is owned by institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas Currault, II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated 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 owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen Higgins sold 14,277 shares of the business'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 value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company's stock, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 in the last quarter. 0.73% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Bank of America upped their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Barclays raised their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus increased their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Freeport-McMoRan Trading Down 1.6%

Shares of Freeport-McMoRan stock opened at $72.78 on Friday. The stock has a market capitalization of $104.51 billion, a PE ratio of 35.85, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $80.24. The stock has a 50 day moving average price of $66.19 and a two-hundred day moving average price of $64.31. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same period last year, the business earned $0.54 EPS. Freeport-McMoRan's quarterly revenue was down 7.3% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.

About Freeport-McMoRan

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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