Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,002 shares of the natural resource company’s stock after purchasing an additional 4,213 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Freeport-McMoRan were worth $893,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the period. Capital Research Global Investors raised its position in Freeport-McMoRan by 0.7% in the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock worth $2,543,676,000 after acquiring an additional 419,603 shares in the last quarter. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares in the last quarter. Bank of New York Mellon Corp raised its position in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares in the last quarter. Finally, Putnam Investments LLC raised its position in Freeport-McMoRan by 3.7% in the fourth quarter. Putnam Investments LLC now owns 16,647,339 shares of the natural resource company’s stock worth $708,677,000 after acquiring an additional 595,395 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday. HSBC increased their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Argus raised their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Finally, Scotiabank dropped their price target on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.47 during midday trading on Friday, reaching $45.00. 10,389,692 shares of the company were exchanged, compared to its average volume of 13,718,868. The company has a market capitalization of $64.64 billion, a price-to-earnings ratio of 39.41, a P/E/G ratio of 1.01 and a beta of 1.92. The firm’s 50-day simple moving average is $49.86 and its 200-day simple moving average is $46.01. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.41 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business posted $0.35 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at $8,529,843.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 445,667 shares of company stock valued at $22,755,070. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.