Teamwork Financial Advisors LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Teamwork Financial Advisors LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, Holdings Channel reports. The firm purchased 176,887 shares of the natural resource company’s stock, valued at approximately $12,382,000.

Other large investors have also made changes to their positions in the company. Jupiter Topco LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth $739,890,000. Bank of America Corp DE grew its stake in Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after acquiring an additional 7,044,775 shares during the period. Janus Henderson Group PLC grew its stake in Freeport-McMoRan by 101.2% in the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the period. Assenagon Asset Management S.A. grew its stake in Freeport-McMoRan by 84.9% in the third quarter. Assenagon Asset Management S.A. now owns 5,448,772 shares of the natural resource company’s stock valued at $381,414,000 after acquiring an additional 2,501,881 shares during the period. Finally, State Street Corp increased its holdings in shares of Freeport-McMoRan by 3.6% in the second quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock worth $4,181,268,000 after acquiring an additional 2,300,416 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.1%

Shares of NYSE:FCX traded up $0.06 during mid-day trading on Monday, reaching $69.60. 9,088,772 shares of the stock were exchanged, compared to its average volume of 16,105,257. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The company has a market cap of $99.95 billion, a P/E ratio of 34.29, a P/E/G ratio of 0.65 and a beta of 1.39. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The stock’s 50 day simple moving average is $72.12 and its 200-day simple moving average is $66.70.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 2.90 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be paid a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Insider Buying and Selling at Freeport-McMoRan

In other news, EVP Douglas N. Currault II sold 80,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Morgan Stanley raised their price target on Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 7th. UBS Group boosted their price objective on Freeport-McMoRan from $77.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. BMO Capital Markets boosted their price objective on Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, September 29th. Royal Bank Of Canada increased their target price on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 16th. Finally, Barclays raised their target price on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $76.27.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.