Wealth High Governance Capital Ltda Has $7.06 Million Stock Position in Freeport-McMoRan Inc. $FCX

Wealth High Governance Capital Ltda raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 190.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 180,000 shares of the natural resource company’s stock after acquiring an additional 118,000 shares during the period. Freeport-McMoRan accounts for about 2.0% of Wealth High Governance Capital Ltda’s holdings, making the stock its 21st biggest holding. Wealth High Governance Capital Ltda’s holdings in Freeport-McMoRan were worth $7,060,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in Freeport-McMoRan in the 2nd quarter worth $28,000. Salomon & Ludwin LLC boosted its stake in Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan during the 3rd quarter worth about $36,000. Finally, Proffitt & Goodson Inc. raised its stake in shares of Freeport-McMoRan by 39.8% in the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 278 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 75,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the transaction, the executive vice president directly owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard C. Adkerson sold 152,960 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the transaction, the chairman owned 3,356,159 shares in the company, valued at approximately $216,975,679.35. The trade was a 4.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 565,145 shares of company stock worth $35,839,918. Insiders own 0.75% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of a number of research reports. BNP Paribas Exane boosted their price target on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Scotiabank boosted their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, February 19th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $53.50 to $54.00 in a research note on Friday, January 23rd. Finally, Stifel Nicolaus upped their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. One 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 an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Down 3.4%

Shares of Freeport-McMoRan stock traded down $2.02 during trading hours on Friday, reaching $57.19. 5,394,084 shares of the company’s stock were exchanged, compared to its average volume of 21,246,098. The stock has a market cap of $82.20 billion, a P/E ratio of 37.85, a P/E/G ratio of 0.72 and a beta of 1.41. The company has a 50 day moving average of $61.58 and a two-hundred day moving average of $49.81. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same quarter in the previous year, the business earned $0.31 earnings per share. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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 dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 19.87%.

About Freeport-McMoRan

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.