Magnetar Financial LLC Acquires 32,828 Shares of Freeport-McMoRan Inc. $FCX

by · The Markets Daily

Magnetar Financial LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 311.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,367 shares of the natural resource company’s stock after acquiring an additional 32,828 shares during the quarter. Magnetar Financial LLC’s holdings in Freeport-McMoRan were worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Great Lakes Advisors LLC increased its position in Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after buying an additional 115,285 shares in the last quarter. Summit Global Investments grew its stake in shares of Freeport-McMoRan by 278.4% in the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after acquiring an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd grew its stake in shares of Freeport-McMoRan by 88.5% in the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after acquiring an additional 53,100 shares during the last quarter. Foster Victor Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after acquiring an additional 20,586 shares in the last quarter. Finally, Momentum Wealth Planning LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $3,459,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This trade represents a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Down 3.9%

Shares of Freeport-McMoRan stock opened at $59.15 on Friday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $61.58 and its 200 day moving average is $49.81. The company has a market cap of $85.02 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

Wall Street Analyst Weigh In

FCX has been the topic of several recent analyst reports. HSBC increased their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Scotiabank upped their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, February 19th. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, February 13th. Finally, Morgan Stanley set a $70.00 target price on Freeport-McMoRan in a report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $62.59.

Get Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Profile

(Free Report)

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.

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