Black Swift Group LLC Invests $1.59 Million in Freeport-McMoRan Inc. $FCX

Black Swift Group LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 40,500 shares of the natural resource company’s stock, valued at approximately $1,588,000.

A number of other institutional investors have also modified their holdings of the business. Portside Wealth Group LLC lifted its holdings in shares of Freeport-McMoRan by 0.8% in the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after purchasing an additional 245 shares in the last quarter. Hollencrest Capital Management grew its holdings in shares of Freeport-McMoRan by 0.6% during the second quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after buying an additional 250 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Freeport-McMoRan by 0.6% during the third quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after buying an additional 250 shares in the last quarter. Waterloo Capital L.P. raised its position in Freeport-McMoRan by 3.9% in the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock valued at $289,000 after buying an additional 251 shares during the last quarter. Finally, Mengis Capital Management Inc. raised its position in Freeport-McMoRan by 0.7% in the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock valued at $1,349,000 after buying an additional 251 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Activity

In other news, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares of the company’s stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 603,140 shares of company stock valued at $37,660,139. 0.75% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Down 5.4%

FCX stock opened at $59.29 on Friday. 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 business has a 50 day moving average price of $60.80 and a two-hundred day moving average price of $49.34. The company has a market cap of $85.21 billion, a price-to-earnings ratio of 39.27, a P/E/G ratio of 0.70 and a beta of 1.41. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FCX shares. Scotiabank upped their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, February 19th. BNP Paribas Exane lifted their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. CICC Research increased their target price on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Stifel Nicolaus raised their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Company 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.