Ieq Capital LLC Has $53.69 Million Stake in Freeport-McMoRan Inc. $FCX

Ieq Capital LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 853,716 shares of the natural resource company’s stock after selling 36,653 shares during the period. Ieq Capital LLC owned approximately 0.06% of Freeport-McMoRan worth $53,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan in the 4th quarter valued at $25,000. Steph & Co. lifted its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth $29,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth $29,000. Finally, SHP Wealth Management bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $76.68 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $77.33. 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 firm has a market capitalization of $110.11 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.71 and a beta of 1.37. The company’s 50 day moving average price is $64.55 and its two-hundred day moving average price is $63.42.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the business earned $0.54 earnings per share. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.79 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. Investors of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s payout ratio is currently 14.78%.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the 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 transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 26,600 shares of company stock valued at $1,802,012. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FCX shares. Jefferies Financial Group boosted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. HSBC increased their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Wells Fargo & Company boosted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $78.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Finally, The Goldman Sachs Group reduced their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.27.

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.