Freeport-McMoRan Inc. $FCX Shares Bought by Nwam LLC

Nwam LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,423 shares of the natural resource company’s stock after purchasing an additional 22,802 shares during the period. Nwam LLC’s holdings in Freeport-McMoRan were worth $6,504,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FCX. Steph & Co. lifted its position in 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 buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth $29,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $34,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $75.72 on Tuesday. The firm has a 50-day simple moving average of $65.59 and a two-hundred day simple moving average of $64.11. The stock has a market cap of $108.74 billion, a PE ratio of 37.30, a P/E/G ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 EPS. As a group, analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Scotiabank raised their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Bank of America raised their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, UBS Group increased their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.27.

Insider Transactions at Freeport-McMoRan

In other news, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 110,398 shares of company stock valued at $8,387,271. Corporate insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

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.