Philadelphia Investment Partners LLC Purchases New Stake in Freeport-McMoRan Inc. $FCX

Philadelphia Investment Partners LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 29,421 shares of the natural resource company’s stock, valued at approximately $1,880,000. Freeport-McMoRan accounts for approximately 1.2% of Philadelphia Investment Partners LLC’s investment portfolio, making the stock its 27th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC grew its holdings in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $560,000. Brown Advisory Inc. lifted its stake in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares during the period. Finally, Jump Financial LLC lifted its stake in shares of Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 1.1%

Shares of FCX stock opened at $79.05 on Thursday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average of $65.11 and a 200-day moving average of $63.80. The company has a market capitalization of $113.52 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 0.79 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

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 dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the business’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. The trade was a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 106,600 shares of company stock valued at $8,086,812 over the last three months. Company insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FCX shares. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. Jefferies Financial Group upped their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Sanford C. Bernstein lifted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. Wells Fargo & Company boosted their price objective on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Finally, UBS Group increased their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price 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.