Ninepoint Partners LP Buys Shares of 80,563 Freeport-McMoRan Inc. $FCX

Ninepoint Partners LP bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 80,563 shares of the natural resource company’s stock, valued at approximately $5,067,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Pinnacle Bancorp Inc. increased its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. grew its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Richardson Financial Services Inc. increased its stake in shares of Freeport-McMoRan by 11.6% in the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock valued at $97,000 after buying an additional 160 shares during the period. Essex Bank increased its stake in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after buying an additional 163 shares during the period. Finally, Fiduciary Financial Group LLC raised its holdings in Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after buying an additional 173 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $71.18 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The firm has a fifty day simple moving average of $64.38 and a 200 day simple moving average of $63.33. The company has a market capitalization of $102.22 billion, a PE ratio of 35.06, a P/E/G ratio of 0.69 and a beta of 1.37. 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 (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FCX. Wells Fargo & Company boosted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Barclays boosted their price objective on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. UBS Group raised their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Scotiabank lifted their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 26,600 shares of company stock valued at $1,802,012. 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.