Valeo Financial Advisors LLC Buys 3,394 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Posted by Defense World Staff on Jun 29th, 2023

Valeo Financial Advisors LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 37.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,404 shares of the natural resource company’s stock after purchasing an additional 3,394 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Freeport-McMoRan were worth $507,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Moody National Bank Trust Division boosted its holdings in Freeport-McMoRan by 0.9% during the fourth quarter. Moody National Bank Trust Division now owns 25,583 shares of the natural resource company’s stock worth $972,000 after purchasing an additional 233 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Freeport-McMoRan by 3.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 7,589 shares of the natural resource company’s stock valued at $288,000 after purchasing an additional 235 shares during the period. FinTrust Capital Advisors LLC increased its position in shares of Freeport-McMoRan by 5.1% during the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock valued at $200,000 after purchasing an additional 253 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Freeport-McMoRan by 6.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 4,293 shares of the natural resource company’s stock worth $163,000 after purchasing an additional 255 shares during the period. Finally, Forum Financial Management LP boosted its holdings in shares of Freeport-McMoRan by 1.9% in the 4th quarter. Forum Financial Management LP now owns 13,441 shares of the natural resource company’s stock worth $511,000 after buying an additional 257 shares during the last quarter. Institutional investors own 79.35% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research analyst reports. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $41.00 to $50.00 in a research note on Tuesday, March 14th. Morgan Stanley raised their target price on Freeport-McMoRan from $35.00 to $38.50 in a research report on Wednesday, June 21st. Raymond James dropped their price target on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research report on Sunday, April 23rd. Barclays lifted their price objective on Freeport-McMoRan from $24.00 to $29.00 and gave the stock an “underweight” rating in a report on Friday, April 21st. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $39.13.

Insider Transactions at Freeport-McMoRan

In other news, Director Sara Grootwassink Lewis purchased 4,000 shares of the stock in a transaction on Friday, May 12th. The shares were acquired at an average price of $34.90 per share, for a total transaction of $139,600.00. Following the completion of the transaction, the director now directly owns 17,800 shares of the company’s stock, valued at approximately $621,220. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.78% of the stock is currently owned by insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $39.22 on Thursday. The stock’s 50-day simple moving average is $37.21 and its two-hundred day simple moving average is $39.70. Freeport-McMoRan Inc. has a twelve month low of $24.80 and a twelve month high of $46.73. The firm has a market capitalization of $56.21 billion, a P/E ratio of 21.91 and a beta of 2.00. The company has a quick ratio of 1.71, a current ratio of 2.79 and a debt-to-equity ratio of 0.37.

Freeport-McMoRan (NYSE:FCX – Free Report) last posted its quarterly earnings data on Friday, April 21st. The natural resource company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.05. Freeport-McMoRan had a net margin of 12.07% and a return on equity of 11.07%. The company had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same period in the prior year, the business earned $1.07 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 18.4% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.76 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Friday, July 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Thursday, July 13th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 16.76%.

About Freeport-McMoRan

(Free Report)

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.