Advisors Preferred LLC Has $2.29 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Financial News Live · Aug 8, 2022 00:41

Advisors Preferred LLC boosted its stake in $Freeport-McMoRan(FCX.US)$by 133.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,872 shares of the natural resource company's stock after buying an additional 25,623 shares during the quarter. Advisors Preferred LLC's holdings in Freeport-McMoRan were worth $2,287,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FCX. Capital Research Global Investors boosted its stake in Freeport-McMoRan by 19.5% in the 4th quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company's stock valued at $3,080,385,000 after buying an additional 12,060,475 shares in the last quarter. TD Asset Management Inc. boosted its stake in Freeport-McMoRan by 380.5% in the 4th quarter. TD Asset Management Inc. now owns 5,451,284 shares of the natural resource company's stock valued at $227,482,000 after buying an additional 4,316,893 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Freeport-McMoRan by 3.9% in the 1st quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company's stock valued at $2,524,330,000 after buying an additional 1,897,056 shares in the last quarter. Tree Line Advisors Hong Kong Ltd. acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $75,114,000. Finally, Waratah Capital Advisors Ltd. boosted its stake in Freeport-McMoRan by 102.9% in the 4th quarter. Waratah Capital Advisors Ltd. now owns 37,679 shares of the natural resource company's stock valued at $1,572,000 after buying an additional 1,329,688 shares in the last quarter. Institutional investors and hedge funds own 77.37% of the company's stock.

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Insider Buying and Selling

In other Freeport-McMoRan news, Director Sara Grootwassink Lewis bought 3,000 shares of the firm's stock in a transaction on Wednesday, August 3rd. The stock was purchased at an average cost of $28.79 per share, with a total value of $86,370.00. Following the completion of the purchase, the director now owns 13,800 shares in the company, valued at $397,302. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Freeport-McMoRan news, Director Dustan E. Mccoy sold 8,200 shares of the business's stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the transaction, the director now directly owns 134,400 shares of the company's stock, valued at $5,273,856. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sara Grootwassink Lewis bought 3,000 shares of the firm's stock in a transaction on Wednesday, August 3rd. The stock was acquired at an average cost of $28.79 per share, with a total value of $86,370.00. Following the completion of the purchase, the director now owns 13,800 shares of the company's stock, valued at approximately $397,302. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

Freeport-McMoRan Stock Up 5.3 %

Shares of Freeport-McMoRan stock opened at $30.27 on Friday. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. Freeport-McMoRan Inc. has a 12 month low of $24.80 and a 12 month high of $51.99. The business has a fifty day simple moving average of $32.14 and a 200 day simple moving average of $39.60. The stock has a market cap of $43.87 billion, a PE ratio of 9.20, a price-to-earnings-growth ratio of 0.32 and a beta of 2.01.

Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The company had revenue of $5.42 billion for the quarter, compared to analyst estimates of $6.20 billion. During the same period last year, the firm earned $0.77 earnings per share. The firm's revenue for the quarter was down 5.8% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 3.24 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, July 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 9.12%.

Analyst Ratings Changes

Several brokerages have issued reports on FCX. Exane BNP Paribas upgraded Freeport-McMoRan from a "neutral" rating to an "outperform" rating and set a $34.00 price objective for the company in a research report on Wednesday, July 13th. Deutsche Bank Aktiengesellschaft cut their price objective on Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. The Goldman Sachs Group cut their price objective on Freeport-McMoRan from $54.00 to $46.00 and set a "buy" rating for the company in a research report on Thursday, July 14th. Credit Suisse Group cut their price objective on Freeport-McMoRan to $34.00 in a research report on Friday, July 22nd. Finally, Barclays cut their price objective on Freeport-McMoRan from $29.00 to $24.00 and set an "underweight" rating for the company in a research report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $42.00.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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.