Seven Eight Capital LP Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Seven Eight Capital LP acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 38,528 shares of the natural resource company’s stock, valued at approximately $1,640,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Jones Financial Companies Lllp grew its holdings in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $32,000. EdgeRock Capital LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $35,000. Finally, Webster Bank N. A. grew its stake in shares of Freeport-McMoRan by 6,469.2% in the fourth quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.9 %

Shares of NYSE:FCX traded down $1.98 during trading on Friday, reaching $49.27. 16,056,425 shares of the stock were exchanged, compared to its average volume of 14,748,760. The stock has a fifty day moving average of $50.83 and a two-hundred day moving average of $43.86. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm has a market cap of $70.67 billion, a price-to-earnings ratio of 43.60, a price-to-earnings-growth ratio of 2.24 and a beta of 1.96.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

Several research analysts have commented on FCX shares. Bernstein Bank lifted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Raymond James upped their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $51.50.

Check Out Our Latest Stock Report on FCX

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock valued at $22,755,070 over the last 90 days. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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