Groupe la Francaise grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 13.5% in the second quarter, HoldingsChannel reports. The firm owned 210,000 shares of the natural resource company’s stock after buying an additional 25,000 shares during the quarter. Groupe la Francaise’s holdings in Freeport-McMoRan were worth $13,218,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. California State Teachers Retirement System grew its stake in shares of Freeport-McMoRan by 6,434.3% in the 2nd quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company’s stock worth $8,941,824,000 after buying an additional 140,006,047 shares in the last quarter. Ameritas Advisory Services LLC boosted its stake in Freeport-McMoRan by 89.8% during the second quarter. Ameritas Advisory Services LLC now owns 12,008 shares of the natural resource company’s stock worth $755,000 after buying an additional 5,682 shares during the period. Guardian Wealth Advisors LLC NC boosted its stake in Freeport-McMoRan by 6.2% during the second quarter. Guardian Wealth Advisors LLC NC now owns 3,968 shares of the natural resource company’s stock worth $250,000 after buying an additional 230 shares during the period. Wedmont Private Capital increased its position in Freeport-McMoRan by 8.6% during the second quarter. Wedmont Private Capital now owns 17,008 shares of the natural resource company’s stock valued at $1,046,000 after acquiring an additional 1,341 shares during the last quarter. Finally, Kintra Wealth LLC raised its stake in shares of Freeport-McMoRan by 12.7% in the second quarter. Kintra Wealth LLC now owns 5,043 shares of the natural resource company’s stock valued at $337,000 after acquiring an additional 567 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Price Performance
NYSE FCX opened at $72.66 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm’s 50 day moving average price is $66.40 and its 200-day moving average price is $64.38. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $80.24. The company has a market cap of $104.34 billion, a PE ratio of 35.79, a P/E/G ratio of 0.71 and a beta of 1.41.
Freeport-McMoRan Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 14.78%.
Insider Buying and Selling
In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ellie Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 110,398 shares of company stock worth $8,387,271 over the last ninety days. 0.73% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Wells Fargo & Company boosted their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.27.
Check Out Our Latest Research Report on FCX
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.
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