Marcum Wealth LLC Acquires 549 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Marcum Wealth LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,999 shares of the natural resource company’s stock after acquiring an additional 549 shares during the period. Marcum Wealth LLC’s holdings in Freeport-McMoRan were worth $535,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FCX. Capital Research Global Investors boosted its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors purchased a new stake in shares of Freeport-McMoRan in the first quarter worth about $417,752,000. Boston Partners raised its position in Freeport-McMoRan by 13,248.4% during the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after purchasing an additional 5,311,538 shares during the period. Capital World Investors raised its holdings in shares of Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after buying an additional 4,396,309 shares during the period. Finally, Asia Research & Capital Management Ltd purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $197,966,000. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Performance

FCX stock traded down $1.09 during midday trading on Monday, reaching $40.88. The stock had a trading volume of 26,144,521 shares, compared to its average volume of 13,765,050. The firm has a fifty day simple moving average of $48.59 and a two-hundred day simple moving average of $46.24. The stock has a market cap of $58.72 billion, a PE ratio of 36.18, a P/E/G ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.47%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Finally, HSBC increased their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Company Profile

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