Corient Private Wealth LP Buys 17,405 Shares of Freeport-McMoRan Inc. $FCX

Corient Private Wealth LP lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 269,768 shares of the natural resource company's stock after buying an additional 17,405 shares during the quarter. Corient Private Wealth LP's holdings in Freeport-McMoRan were worth $16,966,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FCX. California State Teachers Retirement System lifted its position in Freeport-McMoRan by 6,434.3% during the second quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company's stock valued at $8,941,824,000 after purchasing an additional 140,006,047 shares during the last quarter. Jupiter Topco LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $739,890,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 80,000 shares of the company's stock in a transaction that occurred 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 owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Price Performance

FCX stock opened at $69.32 on Tuesday. The stock has a market capitalization of $99.54 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 0.70 and a beta of 1.41. The firm's 50-day moving average price is $67.78 and its two-hundred day moving average price is $64.75. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its 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 analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan's revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.82 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BMO Capital Markets reissued an "outperform" rating and issued a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. UBS Group increased their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Wells Fargo & Company raised their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Weiss Ratings raised Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. One 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 data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $69.75.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.

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