TKG Advisors LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 46,427 shares of the natural resource company’s stock, valued at approximately $2,729,000. Freeport-McMoRan makes up 1.1% of TKG Advisors LLC’s portfolio, making the stock its 28th largest position.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC raised its stake in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares during the period. Finally, Jump Financial LLC lifted its holdings in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares during the period. Institutional investors own 80.77% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on FCX. Citigroup lowered their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Sanford C. Bernstein boosted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Barclays initiated coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective for the company. Finally, Scotiabank lifted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.36.
Freeport-McMoRan Stock Down 3.7%
Shares of NYSE:FCX opened at $60.55 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $87.04 billion, a P/E ratio of 32.21, a P/E/G ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company’s 50-day moving average price is $64.14 and its two-hundred day moving average price is $61.15.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is 15.96%.
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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