Envestnet Asset Management Inc. Buys 25,218 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Envestnet Asset Management increased its Freeport-McMoRan stake by 1.3%, purchasing 25,218 additional shares to reach 1.94 million shares valued at approximately $122 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly adjusted earnings of $0.74 per share, exceeding estimates of $0.62, while revenue reached $7.03 billion. Analysts expect full-year earnings of $2.82 per share, and the stock carries a consensus “Moderate Buy” rating.
• Insiders sold 110,398 shares worth about $8.4 million over the past three months, while the company announced a quarterly dividend of $0.075 per share, equivalent to a 0.4% annual yield.

Envestnet Asset Management Inc. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,939,938 shares of the natural resource company's stock after buying an additional 25,218 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.14% of Freeport-McMoRan worth $122,002,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. State Street Corp raised its position in Freeport-McMoRan by 3.6% during the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company's stock worth $4,181,268,000 after acquiring an additional 2,300,416 shares in the last quarter. Bank of America Corp DE increased its holdings in Freeport-McMoRan by 20.0% in 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 purchasing an additional 7,044,775 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Freeport-McMoRan by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 31,669,550 shares of the natural resource company's stock worth $1,601,087,000 after buying an additional 238,997 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 22,685,423 shares of the natural resource company's stock worth $1,152,193,000 after purchasing an additional 1,014,200 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Insider Activity

In other news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares of the company's stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the company's stock in a transaction 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 $3,795,951. The trade was a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $72.25 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a 50 day moving average price of $69.90 and a 200-day moving average price of $65.12. Freeport-McMoRan Inc. has a one year low of $35.29 and a one year high of $80.24. The stock has a market cap of $103.75 billion, a price-to-earnings ratio of 35.59, a price-to-earnings-growth ratio of 0.71 and a beta of 1.41.

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, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 2.82 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's payout ratio is currently 14.78%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research report on Thursday, June 18th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Citigroup restated a "positive" rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Finally, Barclays raised their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.29.

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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