ICONIQ Capital LLC Invests $303,000 in Freeport-McMoRan Inc. $FCX

Key Points

• ICONIQ Capital LLC has invested $303,000 in Freeport-McMoRan Inc., acquiring 8,001 shares in the first quarter as highlighted in their recent SEC filing.
• Freeport-McMoRan reported earnings of $0.54 EPS for the last quarter, surpassing analyst expectations and reflecting a 14.5% year-over-year revenue increase.
• Analysts have mixed ratings on Freeport-McMoRan, with a consensus price target of $51.00, indicating a general outlook of Moderate Buy for the stock.

ICONIQ Capital LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,001 shares of the natural resource company's stock, valued at approximately $303,000.

Other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its stake in shares of Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after buying an additional 275 shares in the last quarter. Princeton Capital Management LLC boosted its holdings in Freeport-McMoRan by 1.1% during the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after acquiring an additional 275 shares during the period. Capital Investment Advisory Services LLC grew its position in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after acquiring an additional 278 shares in the last quarter. Capital Analysts LLC increased its stake in Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after purchasing an additional 284 shares during the period. Finally, Sargent Investment Group LLC lifted its position in shares of Freeport-McMoRan by 2.8% during the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FCX shares. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price target for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Citigroup upped their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.68 on Tuesday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $43.08 and a 200-day simple moving average of $39.49. The stock has a market cap of $62.71 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 0.82 and a beta of 1.63. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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