KKM Financial LLC Increases Stake in Freeport-McMoRan Inc. $FCX

KKM Financial LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 57.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,671 shares of the natural resource company’s stock after buying an additional 33,966 shares during the quarter. KKM Financial LLC’s holdings in Freeport-McMoRan were worth $3,635,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. purchased a new position in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $28,000. Salomon & Ludwin LLC increased its holdings in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $36,000. Finally, Proffitt & Goodson Inc. lifted 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 worth $38,000 after buying an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $56.33 on Monday. The company has a market cap of $80.95 billion, a P/E ratio of 37.30, a PEG ratio of 0.66 and a beta of 1.41. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The business’s 50-day simple moving average is $61.66 and its 200 day simple moving average is $49.98. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.42 billion. During the same period in the prior year, the company posted $0.31 EPS. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. The ex-dividend date was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 19.87%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCX. Citigroup upped their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. UBS Group lifted their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Stifel Nicolaus boosted their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Raymond James Financial raised their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the transaction, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the company’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 transaction, the executive vice president directly owned 219,181 shares in the company, valued at $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 565,145 shares of company stock worth $35,839,918 in the last quarter. Corporate insiders own 0.79% of the company’s stock.

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.