Waverly Advisors LLC Buys 516,450 Shares of Freeport-McMoRan Inc. $FCX

Waverly Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 873.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 575,549 shares of the natural resource company's stock after purchasing an additional 516,450 shares during the period. Waverly Advisors LLC's holdings in Freeport-McMoRan were worth $36,196,000 at the end of the most recent quarter.

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Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in shares of Freeport-McMoRan by 34.5% in the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock worth $62,478,000 after purchasing an additional 272,726 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Freeport-McMoRan during the fourth quarter valued at about $8,857,000. Franklin Resources Inc. increased its position in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company's stock worth $16,122,000 after buying an additional 213,477 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Freeport-McMoRan by 1.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company's stock worth $627,068,000 after buying an additional 141,738 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX stock traded up $3.88 during mid-day trading on Tuesday, hitting $76.61. The company had a trading volume of 16,779,121 shares, compared to its average volume of 16,936,262. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock's 50 day moving average price is $66.62 and its 200-day moving average price is $64.46. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $80.24. The company has a market capitalization of $110.01 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.71 and a beta of 1.41.

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Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan's quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

Insider Transactions at Freeport-McMoRan

• Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough

In related news, EVP Douglas Currault, II sold 80,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president directly owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ellie Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 over the last three months. Corporate insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley increased their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 8th. BNP Paribas Exane raised their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. The Goldman Sachs Group lowered their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Wells Fargo & Company increased their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an "overweight" rating in a research note on Friday, July 24th. Finally, Sanford C. Bernstein raised their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.27.

Check Out Our Latest Stock Analysis on FCX

Freeport-McMoRan Company 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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