Assetmark Inc. Has $4.95 Million Position in Freeport-McMoRan Inc. $FCX

Assetmark Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,124 shares of the natural resource company’s stock after acquiring an additional 11,447 shares during the quarter. Assetmark Inc.’s holdings in Freeport-McMoRan were worth $4,947,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Steigerwald Gordon & Koch Inc. acquired a new position in Freeport-McMoRan in the 3rd quarter worth about $25,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC grew its stake in shares of Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in Freeport-McMoRan in the third quarter worth approximately $36,000. Finally, Proffitt & Goodson Inc. raised its position in Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. Wells Fargo & Company lifted their price objective on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. HSBC raised their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, CICC Research upped their price target on Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $60.26.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares in the company, valued at $1,847,349.26. The trade was a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total value of $1,364,019.77. Following the completion of the sale, the chief accounting officer owned 105,294 shares of the company’s stock, valued at $5,053,059.06. This represents a 21.26% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 513,986 shares of company stock worth $32,124,432. 0.79% of the stock is owned by company insiders.

Freeport-McMoRan Stock Performance

FCX opened at $61.03 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $56.63 and its two-hundred day moving average price is $47.20. The firm has a market capitalization of $87.63 billion, a P/E ratio of 40.42, a price-to-earnings-growth ratio of 0.69 and a beta of 1.47. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $69.44.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.Freeport-McMoRan’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

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.