Aaron Wealth Advisors LLC Has $12.09 Million Holdings in Freeport-McMoRan Inc. $FCX

Aaron Wealth Advisors LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,094 shares of the natural resource company’s stock after selling 62,253 shares during the period. Freeport-McMoRan accounts for approximately 0.7% of Aaron Wealth Advisors LLC’s holdings, making the stock its 24th largest holding. Aaron Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $12,093,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Great Lakes Advisors LLC increased its stake in shares of Freeport-McMoRan by 8.0% in 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 during the period. Summit Global Investments boosted its position in shares of Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd boosted its position in shares of Freeport-McMoRan by 88.5% in the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares during the last quarter. Foster Victor Wealth Advisors LLC boosted its position in shares of Freeport-McMoRan by 5.7% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after purchasing an additional 20,586 shares during the last quarter. Finally, Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $3,459,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $61.05 on Tuesday. The firm has a market cap of $87.74 billion, a price-to-earnings ratio of 40.43, a price-to-earnings-growth ratio of 0.72 and a beta of 1.48. The stock’s 50-day moving average is $61.31 and its 200-day moving average is $51.33. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin 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 company posted $0.31 earnings per share. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be given 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 of this dividend is Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 19.87%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FCX shares. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. The Goldman Sachs Group started coverage on Freeport-McMoRan in a research report on Thursday, April 2nd. They issued a “buy” rating and a $70.00 price target on the stock. Wells Fargo & Company raised their price target on Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.75.

Insider Activity

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is owned by insiders.

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.