Axxcess Wealth Management LLC Buys 4,213 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Axxcess Wealth Management LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 28.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,002 shares of the natural resource company’s stock after acquiring an additional 4,213 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Freeport-McMoRan were worth $893,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of FCX. Belpointe Asset Management LLC grew its position in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after purchasing an additional 4,703 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP grew its position in shares of Freeport-McMoRan by 7.8% during the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares in the last quarter. Norden Group LLC grew its position in shares of Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after purchasing an additional 20,894 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on FCX. Argus increased their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Bernstein Bank increased their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. UBS Group increased their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Finally, Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock valued at $22,755,070 over the last quarter. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Trading Up 1.1 %

Shares of FCX stock traded up $0.47 during trading hours on Friday, hitting $45.00. 10,389,692 shares of the company’s stock traded hands, compared to its average volume of 13,718,868. The stock’s 50 day simple moving average is $49.86 and its 200 day simple moving average is $46.01. The stock has a market cap of $64.64 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 1.01 and a beta of 1.92. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a quick ratio of 1.41, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.