SIR Capital Management L.P. Has $13.03 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• SIR Capital Management cut its Freeport-McMoRan stake by 62.9% in the second quarter, selling 351,594 shares and retaining 207,100 shares valued at approximately $13.03 million.
• Freeport-McMoRan reported quarterly EPS of $0.74, exceeding analysts’ $0.62 estimate, while revenue reached $7.03 billion. The stock was up 1.5% and trading near its 12-month high.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $70.27; the company also declared a quarterly dividend of $0.075 per share.

SIR Capital Management L.P. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 62.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 207,100 shares of the natural resource company's stock after selling 351,594 shares during the quarter. Freeport-McMoRan comprises 1.5% of SIR Capital Management L.P.'s holdings, making the stock its 18th biggest position. SIR Capital Management L.P.'s holdings in Freeport-McMoRan were worth $13,025,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan in the 4th quarter valued at $30,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 over the last 90 days. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan Stock Up 1.5%

FCX stock opened at $77.79 on Tuesday. The company has a market cap of $111.71 billion, a price-to-earnings ratio of 38.32, a P/E/G ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $78.88. The business has a 50 day moving average price of $64.71 and a two-hundred day moving average price of $63.53. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter in the prior year, the business posted $0.54 EPS. The business's revenue was down 7.3% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 14.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BMO Capital Markets reiterated an "outperform" rating and set a $78.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 23rd. The Goldman Sachs Group decreased their price objective on Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday, July 8th. Sanford C. Bernstein boosted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. HSBC raised their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Finally, UBS Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average price target of $70.27.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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