Freeport-McMoRan Inc. $FCX Shares Bought by Sensible Money LLC

Key Points

• Sensible Money LLC has increased its holdings in Freeport-McMoRan by 16.8%, acquiring an additional 8,044 shares, bringing its total ownership to 55,975 shares valued at approximately $2.12 million.
• Various institutional investors, including Wellington Management Group and Aldebaran Capital, have boosted their stakes in Freeport-McMoRan, reflecting growing confidence in the company's performance.
• Freeport-McMoRan recently reported a strong quarterly earnings performance with revenue of $7.58 billion, surpassing analysts' expectations, while also announcing a quarterly dividend of $0.15 per share.

Sensible Money LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,975 shares of the natural resource company's stock after purchasing an additional 8,044 shares during the quarter. Freeport-McMoRan makes up about 0.9% of Sensible Money LLC's portfolio, making the stock its 11th biggest position. Sensible Money LLC's holdings in Freeport-McMoRan were worth $2,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Stratos Investment Management LLC boosted its position in Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after acquiring an additional 45,458 shares in the last quarter. Community Bank N.A. boosted its position in Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Arizona State Retirement System boosted its position in Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. boosted its position in Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. boosted its position in Freeport-McMoRan by 27.6% during the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after acquiring an additional 23,695 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. BMO Capital Markets dropped their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Citigroup increased their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley lowered 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 report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Stock Up 3.6%

Shares of FCX traded up $1.52 during midday trading on Friday, hitting $43.24. 10,818,192 shares of the company's stock traded hands, compared to its average volume of 15,691,898. The stock has a market capitalization of $62.08 billion, a price-to-earnings ratio of 32.76, a price-to-earnings-growth ratio of 0.79 and a beta of 1.63. 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 firm's fifty day moving average is $43.00 and its 200-day moving average is $39.37. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during 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%.The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.75% of the stock is owned by company insiders.

About Freeport-McMoRan

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.