Galaxy Digital Capital Management GP LLC Has $715,000 Holdings in Freeport-McMoRan Inc. $FCX

Galaxy Digital Capital Management GP LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 301.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,372 shares of the natural resource company’s stock after buying an additional 8,542 shares during the quarter. Galaxy Digital Capital Management GP LLC’s holdings in Freeport-McMoRan were worth $715,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the 4th quarter valued at $25,000. Steph & Co. raised its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan in the first quarter worth $29,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth $29,000. Finally, SHP Wealth Management bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.7%

FCX stock opened at $79.91 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $79.95. The company has a market cap of $114.75 billion, a P/E ratio of 39.36, a PEG ratio of 0.77 and a beta of 1.37. The business has a fifty day moving average of $64.90 and a 200-day moving average of $63.66.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Jefferies Financial Group raised their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. CICC Research decreased their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. The Goldman Sachs Group lowered their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Finally, Bank of America boosted their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Insider Activity

In related news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,600 shares of company stock worth $1,802,012 in the last ninety days. Insiders own 0.73% 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.