Bridgefront Capital LLC Invests $536,000 in Freeport-McMoRan Inc. $FCX

Bridgefront Capital LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,662 shares of the natural resource company’s stock, valued at approximately $536,000.

A number of other institutional investors have also recently bought and sold shares of FCX. California Public Employees Retirement System grew its stake in Freeport-McMoRan by 4.2% in the third quarter. California Public Employees Retirement System now owns 2,432,051 shares of the natural resource company’s stock valued at $95,385,000 after purchasing an additional 98,841 shares in the last quarter. Cantor Fitzgerald L. P. acquired a new position in Freeport-McMoRan in the 3rd quarter worth about $1,883,000. Boothbay Fund Management LLC raised its stake in shares of Freeport-McMoRan by 36.5% during the 3rd quarter. Boothbay Fund Management LLC now owns 45,500 shares of the natural resource company’s stock worth $1,785,000 after purchasing an additional 12,157 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Freeport-McMoRan by 6.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 11,219,658 shares of the natural resource company’s stock valued at $440,006,000 after buying an additional 650,483 shares during the last quarter. Finally, L1 Capital Pty Ltd bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $1,014,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.7%

Shares of Freeport-McMoRan stock opened at $57.89 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-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 stock has a 50 day moving average price of $61.73 and a two-hundred day moving average price of $50.08. The stock has a market capitalization of $83.20 billion, a P/E ratio of 38.34, a PEG ratio of 0.66 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. Freeport-McMoRan’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share 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 given a dividend of $0.075 per share. 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 payout ratio is currently 19.87%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FCX. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Wednesday, November 19th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Jefferies Financial Group increased their price target on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Bank of America raised their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Wells Fargo & Company upped their price objective on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $62.59.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were 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. This represents a 21.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 565,145 shares of company stock worth $35,839,918. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

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.