Virtu Financial LLC Has $2.01 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Virtu Financial LLC has reduced its position in Freeport-McMoRan Inc. shares by 24.5%, now holding 52,998 shares valued at approximately $2.01 million.
• Several hedge funds, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, have increased their stakes in Freeport-McMoRan, reflecting growing institutional interest in the company.
• Freeport-McMoRan reported earnings of $0.54 per share for the last quarter, exceeding expectations and showing a revenue increase of 14.5% year-over-year.

Virtu Financial LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,998 shares of the natural resource company's stock after selling 17,172 shares during the period. Virtu Financial LLC's holdings in Freeport-McMoRan were worth $2,006,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after acquiring an additional 2,882 shares during the period. Bank Pictet & Cie Europe AG increased its stake in Freeport-McMoRan by 27.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after acquiring an additional 115,552 shares during the period. CenterBook Partners LP bought a new position in Freeport-McMoRan during the 4th quarter worth $431,000. Covestor Ltd increased its stake in Freeport-McMoRan by 116.3% during the 4th quarter. Covestor Ltd now owns 1,486 shares of the natural resource company's stock worth $57,000 after acquiring an additional 799 shares during the period. Finally, Rockefeller Capital Management L.P. increased its stake in Freeport-McMoRan by 11.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 602,140 shares of the natural resource company's stock worth $22,978,000 after acquiring an additional 61,978 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Scotiabank raised their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Finally, Citigroup boosted 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. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Up 2.5%

Shares of NYSE:FCX opened at $41.83 on Monday. The company has a market capitalization of $60.11 billion, a price-to-earnings ratio of 31.69, a P/E/G ratio of 0.77 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The business's 50-day moving average is $42.88 and its 200-day moving average is $39.07. 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 announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.75% of the stock is owned by corporate 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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