Freeport-McMoRan Inc. $FCX Stock Purchased by Lyell Wealth Management LP

Lyell Wealth Management LP boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.7% in the 3rd quarter, Holdings Channel reports. The firm owned 182,506 shares of the natural resource company’s stock after purchasing an additional 17,708 shares during the period. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $12,775,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Putney Financial Group LLC raised its holdings in shares of Freeport-McMoRan by 1.9% in the 3rd quarter. Putney Financial Group LLC now owns 12,047 shares of the natural resource company’s stock valued at $843,000 after buying an additional 219 shares during the period. Integrity Alliance LLC. lifted its stake in Freeport-McMoRan by 8.7% during the 3rd quarter. Integrity Alliance LLC. now owns 19,635 shares of the natural resource company’s stock worth $1,374,000 after acquiring an additional 1,573 shares in the last quarter. Stiles Financial Services Inc lifted its stake in Freeport-McMoRan by 22.1% during the 3rd quarter. Stiles Financial Services Inc now owns 7,705 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 1,397 shares in the last quarter. IPG Investment Advisors LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $1,596,000. Finally, Legacy Wealth Management LLC MS boosted its holdings in Freeport-McMoRan by 34.5% during the 3rd quarter. Legacy Wealth Management LLC MS now owns 18,748 shares of the natural resource company’s stock valued at $1,312,000 after acquiring an additional 4,806 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. BMO Capital Markets lifted their target price on Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, September 29th. Bank of America increased their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Erste Group Bank assumed coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They issued a “buy” rating for the company. Citigroup lifted their price objective on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 5th. Finally, Weiss Ratings downgraded shares of Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $75.30.

Freeport-McMoRan Trading Down 1.9%

NYSE:FCX opened at $61.77 on Wednesday. The firm has a market cap of $88.70 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 0.58 and a beta of 1.38. The stock has a fifty day moving average price of $71.00 and a 200 day moving average price of $65.26. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24. The company has a current ratio of 2.02, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.36 billion. During the same quarter in the prior year, the business earned $0.50 EPS. Freeport-McMoRan’s revenue was up 8.2% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were paid a $0.0750 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 12.61%.

Insider Transactions at Freeport-McMoRan

In related news, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director owned 122,702 shares in the company, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares of the company’s stock, 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. Insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

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.