Freeport-McMoRan Inc. $FCX Stock Position Raised by Lyell Wealth Management LP

Key Points

• Lyell Wealth Management increased its Freeport-McMoRan position by 10.7% in the third quarter, adding 17,708 shares to hold 182,506 shares valued at about $12.8 million.
• Freeport-McMoRan reported quarterly earnings of $0.88 per share, beating the $0.82 consensus estimate; revenue rose 8.2% year over year to $7.55 billion, also ahead of forecasts.
• Analysts gave the stock a consensus “Moderate Buy” rating and an average price target of $75.30. In separate transactions, a director and an executive vice president sold shares.

Lyell Wealth Management LP lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,506 shares of the natural resource company's stock after buying an additional 17,708 shares during the period. Lyell Wealth Management LP's holdings in Freeport-McMoRan were worth $12,775,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FCX. TOWER TRUST & INVESTMENT Co lifted its stake in Freeport-McMoRan by 1.3% in the 3rd quarter. TOWER TRUST & INVESTMENT Co now owns 12,177 shares of the natural resource company's stock worth $852,000 after purchasing an additional 157 shares in the last quarter. Richardson Financial Services Inc. boosted its holdings 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 purchasing an additional 160 shares during the last quarter. Breakwater Capital Group grew its position in shares of Freeport-McMoRan by 1.0% in the third quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company's stock valued at $1,115,000 after purchasing an additional 160 shares in the last quarter. Signature Wealth Management Partners LLC grew its position in shares of Freeport-McMoRan by 1.4% in the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company's stock valued at $859,000 after purchasing an additional 166 shares in the last quarter. Finally, Fiduciary Financial Group LLC grew its position 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 in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other news, Director Lydia H. Kennard sold 3,798 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the transaction, the director owned 122,702 shares of the company's stock, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $61.77 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.91. The firm has a market capitalization of $88.70 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 0.58 and a beta of 1.38. The company's 50-day moving average is $71.00 and its two-hundred day moving average is $65.26. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the previous year, the company earned $0.50 EPS. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 3.04 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were paid a dividend of $0.0750 per share. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is 12.61%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. Barclays increased their price target on Freeport-McMoRan from $83.00 to $84.00 and gave the company an "overweight" rating in a report on Monday, October 19th. Bank of America boosted their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Sanford C. Bernstein dropped their target price on Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating for the company in a report on Wednesday, September 9th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $92.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, October 28th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $75.30.

About Freeport-McMoRan

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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