Journey Strategic Wealth LLC Sells 7,751 Shares of Freeport-McMoRan Inc. $FCX

Journey Strategic Wealth LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 36.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,354 shares of the natural resource company’s stock after selling 7,751 shares during the quarter. Journey Strategic Wealth LLC’s holdings in Freeport-McMoRan were worth $524,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after acquiring an additional 8,292,873 shares during the period. Crake Asset Management LLP boosted its holdings in Freeport-McMoRan by 60.6% during the second quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after purchasing an additional 3,593,050 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of Freeport-McMoRan by 289.0% in the 3rd quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock valued at $150,781,000 after purchasing an additional 2,856,302 shares during the period. AQR Capital Management LLC grew its stake in shares of Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after purchasing an additional 2,813,845 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Freeport-McMoRan by 139.3% in the 2nd quarter. Marshall Wace LLP now owns 4,327,245 shares of the natural resource company’s stock worth $187,586,000 after buying an additional 2,518,641 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on FCX. Jefferies Financial Group boosted their price target on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Bank of America lifted their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. UBS Group boosted their target price on Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, Scotiabank boosted their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Down 4.0%

Shares of NYSE FCX opened at $65.59 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75. The firm has a 50 day moving average price of $60.18 and a 200 day moving average price of $48.95. The stock has a market cap of $94.27 billion, a P/E ratio of 43.44, a P/E/G ratio of 0.79 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same period in the previous year, the company posted $0.31 earnings per share. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 248,031 shares of Freeport-McMoRan stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total value of $15,576,346.80. Following the sale, the chairman owned 3,509,119 shares of the company’s stock, valued at $220,372,673.20. This trade represents a 6.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares in the company, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 603,140 shares of company stock valued at $37,660,139. 0.79% of the stock is currently owned by insiders.

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.