Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Decreased by CVA Family Office LLC

CVA Family Office LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 22.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,508 shares of the natural resource company’s stock after selling 735 shares during the period. CVA Family Office LLC’s holdings in Freeport-McMoRan were worth $73,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 1.6% in the first quarter. Vanguard Group Inc. now owns 116,550,170 shares of the natural resource company’s stock worth $5,797,206,000 after acquiring an additional 1,808,548 shares in the last quarter. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock worth $3,080,385,000 after acquiring an additional 12,060,475 shares in the last quarter. State Street Corp increased its position in shares of Freeport-McMoRan by 0.9% in the fourth quarter. State Street Corp now owns 66,639,592 shares of the natural resource company’s stock worth $2,780,870,000 after acquiring an additional 611,927 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 3.9% in the first quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock worth $2,524,330,000 after acquiring an additional 1,897,056 shares in the last quarter. Finally, Invesco Ltd. grew its position in Freeport-McMoRan by 2.0% during the fourth quarter. Invesco Ltd. now owns 15,550,848 shares of the natural resource company’s stock valued at $648,937,000 after purchasing an additional 301,187 shares in the last quarter. 77.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Barclays lowered their price objective on shares of Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 19th. Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research report on Tuesday, June 14th. Wolfe Research downgraded shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 7th. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a research note on Thursday, June 23rd. Finally, Citigroup lifted their target price on shares of Freeport-McMoRan from $28.00 to $29.00 in a research note on Friday, July 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $42.00.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $30.49 on Tuesday. The firm has a fifty day simple moving average of $29.68 and a 200-day simple moving average of $37.00. The company has a current ratio of 2.73, a quick ratio of 1.94 and a debt-to-equity ratio of 0.42. Freeport-McMoRan Inc. has a 1-year low of $24.80 and a 1-year high of $51.99. The stock has a market capitalization of $43.58 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 0.37 and a beta of 2.00.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $6.20 billion. Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. Freeport-McMoRan’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.77 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.97%. The ex-dividend date was Thursday, July 14th. Freeport-McMoRan’s payout ratio is currently 9.12%.

Insider Activity at Freeport-McMoRan

In related news, Director Ryan Michael Lance bought 31,000 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was purchased at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the purchase, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Sara Grootwassink Lewis bought 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was purchased at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the purchase, the director now directly owns 13,800 shares in the company, valued at $397,302. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Ryan Michael Lance bought 31,000 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were bought at an average price of $31.88 per share, with a total value of $988,280.00. Following the completion of the purchase, the director now owns 32,132 shares in the company, valued at $1,024,368.16. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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