Freeport-McMoRan Inc. $FCX Stock Acquired by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC increased its Freeport-McMoRan stake by 1,370.5% during the third quarter, purchasing 78,294 additional shares for a total holding of 84,007 shares valued at approximately $5.88 million. Institutional investors and hedge funds own 80.77% of FCX.
• Analysts remain broadly positive, with Freeport-McMoRan receiving a consensus “Moderate Buy” rating and an average price target of $76.22. JPMorgan and Wells Fargo recently raised their targets to $92 and $87, respectively.
• FCX shares opened at $69.33, compared with a 12-month range of $38.54 to $80.24. The company exceeded quarterly earnings and revenue expectations, while insiders sold $8.39 million of stock over the past 90 days.

SteelPeak Wealth LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1,370.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,007 shares of the natural resource company's stock after purchasing an additional 78,294 shares during the quarter. SteelPeak Wealth LLC's holdings in Freeport-McMoRan were worth $5,880,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. lifted its holdings 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 worth $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying 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 second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock valued at $97,000 after acquiring an additional 160 shares in the last quarter. Breakwater Capital Group grew its stake in shares of Freeport-McMoRan by 1.0% during the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company's stock valued at $1,115,000 after acquiring an additional 160 shares in the last quarter. Finally, Essex Bank grew its stake in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after acquiring an additional 163 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lifted their target price on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a "sector perform" rating in a research report on Wednesday, September 16th. JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $77.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Sanford C. Bernstein lowered their price objective on Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating for the company in a research note on Wednesday, September 9th. Wells Fargo & Company lifted their price objective on Freeport-McMoRan from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, October 6th. Finally, Erste Group Bank began coverage on Freeport-McMoRan in a research report on Thursday, August 27th. They issued a "buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $76.22.

Insider Buying and Selling at Freeport-McMoRan

In other news, Director Lydia H. Kennard sold 3,798 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the transaction, the director directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The shares were 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 $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,398 shares of company stock worth $8,387,271 in the last ninety days. 0.73% of the stock is currently owned by company insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $69.33 on Friday. Freeport-McMoRan Inc. has a twelve month low of $38.54 and a twelve month high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $99.57 billion, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 0.65 and a beta of 1.39. The business has a 50 day simple moving average of $72.12 and a 200-day simple moving average of $66.62.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The business's revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc NYSE: FCX is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.

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