Childress Capital Advisors LLC Makes New $78,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Childress Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel reports. The fund purchased 3,009 shares of the natural resource company’s stock, valued at approximately $78,000.

A number of other large investors have also recently added to or reduced their stakes in FCX. Truist Financial Corp raised its stake in shares of Freeport-McMoRan by 135.9% during the 3rd quarter. Truist Financial Corp now owns 223,970 shares of the natural resource company’s stock worth $3,503,000 after purchasing an additional 129,031 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.2% during the 3rd quarter. Nuveen Asset Management LLC now owns 11,409,068 shares of the natural resource company’s stock worth $178,437,000 after purchasing an additional 245,620 shares in the last quarter. State of Tennessee Treasury Department raised its stake in shares of Freeport-McMoRan by 41.1% during the 3rd quarter. State of Tennessee Treasury Department now owns 686,409 shares of the natural resource company’s stock worth $10,735,000 after purchasing an additional 199,924 shares in the last quarter. First City Capital Management Inc. bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $366,000. Finally, AQR Capital Management LLC raised its stake in shares of Freeport-McMoRan by 313.9% during the 3rd quarter. AQR Capital Management LLC now owns 124,715 shares of the natural resource company’s stock worth $1,951,000 after purchasing an additional 94,584 shares in the last quarter. 72.30% of the stock is owned by hedge funds and other institutional investors.

In other news, VP C Donald Whitmire, Jr. sold 5,000 shares of Freeport-McMoRan stock in a transaction dated Friday, February 19th. The stock was sold at an average price of $35.10, for a total transaction of $175,500.00. Following the sale, the vice president now directly owns 67,837 shares of the company’s stock, valued at $2,381,078.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gerald J. Ford sold 55,554 shares of Freeport-McMoRan stock in a transaction dated Monday, March 8th. The shares were sold at an average price of $35.04, for a total value of $1,946,612.16. Following the sale, the director now directly owns 21,622 shares in the company, valued at $757,634.88. The disclosure for this sale can be found here. Insiders have sold 2,128,794 shares of company stock worth $74,168,434 over the last three months. Insiders own 1.00% of the company’s stock.

NYSE:FCX opened at $33.98 on Thursday. The stock’s 50-day simple moving average is $34.81 and its 200 day simple moving average is $26.15. The firm has a market capitalization of $49.56 billion, a PE ratio of -377.51 and a beta of 2.27. The company has a quick ratio of 1.35, a current ratio of 2.61 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc. has a twelve month low of $7.30 and a twelve month high of $39.10.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Monday, January 25th. The natural resource company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the firm posted $0.02 earnings per share. Freeport-McMoRan’s revenue was up 14.9% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc. will post 0.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.88%. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, April 14th.

A number of equities research analysts have recently issued reports on FCX shares. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a research note on Tuesday, March 30th. Raymond James upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $36.00 to $41.00 in a research note on Tuesday. TheStreet upgraded Freeport-McMoRan from a “c” rating to a “b-” rating in a research note on Tuesday, January 26th. Johnson Rice started coverage on Freeport-McMoRan in a research note on Wednesday, December 16th. They issued a “buy” rating on the stock. Finally, Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Tuesday, January 5th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $24.38.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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: Net Income

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

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