78,294 Freeport-McMoRan Inc. $FCX Shares Acquired by SteelPeak Wealth LLC

SteelPeak Wealth LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1,370.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 84,007 shares of the natural resource company’s stock after acquiring an additional 78,294 shares during the period. SteelPeak Wealth LLC’s holdings in Freeport-McMoRan were worth $5,880,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the 4th quarter worth $25,000. NBH Bank acquired a new stake in Freeport-McMoRan in the second quarter worth $28,000. Steph & Co. increased its position in Freeport-McMoRan by 43.7% in 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 during the period. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several analyst reports. Weiss Ratings raised shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. The Goldman Sachs Group restated a “buy” rating on shares of Freeport-McMoRan in a research report on Thursday, September 10th. BMO Capital Markets increased their price objective on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Barclays lifted their price objective on shares of Freeport-McMoRan from $82.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.22.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $69.33 on Friday. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24. The firm has a market capitalization of $99.57 billion, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 0.65 and a beta of 1.39. The business has a 50 day simple moving average of $72.12 and a 200 day simple moving average of $66.62. 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 posted its earnings results 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 firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.90 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares in the company, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.