Hedeker Wealth LLC Has $3.13 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Hedeker Wealth LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,611 shares of the natural resource company’s stock after selling 428 shares during the period. Hedeker Wealth LLC’s holdings in Freeport-McMoRan were worth $3,132,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Boston Partners lifted its position in shares of Freeport-McMoRan by 13,248.4% during the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after purchasing an additional 5,311,538 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $66,993,000. TD Asset Management Inc lifted its position in shares of Freeport-McMoRan by 35.0% during the fourth quarter. TD Asset Management Inc now owns 5,777,840 shares of the natural resource company’s stock worth $245,963,000 after purchasing an additional 1,498,259 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of Freeport-McMoRan by 16,058.7% during the third quarter. Penserra Capital Management LLC now owns 1,500,338 shares of the natural resource company’s stock worth $55,947,000 after purchasing an additional 1,491,053 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Freeport-McMoRan by 4,857.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock worth $56,382,000 after purchasing an additional 1,297,737 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock worth $22,755,070 over the last quarter. 0.79% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Bernstein Bank increased their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Argus increased their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Up 4.4 %

FCX traded up $2.14 during trading hours on Wednesday, hitting $50.85. 3,008,839 shares of the company’s stock were exchanged, compared to its average volume of 13,910,598. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock’s 50-day moving average is $50.58 and its two-hundred day moving average is $45.26. The stock has a market cap of $73.05 billion, a price-to-earnings ratio of 43.12, a PEG ratio of 1.99 and a beta of 1.92. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.