Proficio Capital Partners LLC Buys Shares of 10,403 Freeport-McMoRan Inc. $FCX

Proficio Capital Partners LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,403 shares of the natural resource company’s stock, valued at approximately $654,000.

Several other hedge funds have also made changes to their positions in FCX. Brighton Jones LLC lifted its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its stake in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $560,000. Brown Advisory Inc. grew its holdings in shares of Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. The Goldman Sachs Group decreased their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Scotiabank upped their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Finally, Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $70.27.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Up 2.1%

FCX stock opened at $73.97 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company’s 50 day simple moving average is $65.99 and its 200-day simple moving average is $64.24. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $80.24. The firm has a market capitalization of $106.22 billion, a PE ratio of 36.44, a P/E/G ratio of 0.71 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the previous year, the firm posted $0.54 EPS. The company’s quarterly revenue was down 7.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

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.