West Family Investments Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 228.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,197 shares of the natural resource company’s stock after buying an additional 7,787 shares during the quarter. West Family Investments Inc.’s holdings in Freeport-McMoRan were worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its position in Freeport-McMoRan by 34.5% during the first 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 during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $8,857,000. Franklin Resources Inc. boosted its holdings in Freeport-McMoRan by 31.2% in the 4th 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 during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Freeport-McMoRan by 205.4% in the 4th 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 during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in Freeport-McMoRan by 1.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock valued at $627,068,000 after buying an additional 141,738 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Insider Activity at Freeport-McMoRan
In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated 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 sale, the executive vice president owned 211,016 shares of the company’s stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of the 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 transaction, the director owned 122,702 shares in the company, valued at $9,706,955.22. This trade represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is currently owned by insiders.
Freeport-McMoRan Price Performance
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter last year, the company posted $0.54 EPS. Analysts expect that Freeport-McMoRan Inc. will post 2.81 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued 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 of this dividend was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 14.78%.
Analyst Ratings Changes
Several research firms have issued reports on FCX. Freedom Broker downgraded Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. BMO Capital Markets reiterated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 31st. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company upped their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.
Check Out Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Company 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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