Crescent Grove Advisors LLC Decreases Holdings in Freeport-McMoRan Inc. $FCX

Crescent Grove Advisors LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 51.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,675 shares of the natural resource company’s stock after selling 8,173 shares during the period. Crescent Grove Advisors LLC’s holdings in Freeport-McMoRan were worth $483,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Pinnacle Bancorp Inc. boosted its stake in shares of Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after acquiring an additional 147 shares during the last quarter. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Richardson Financial Services Inc. increased its stake in Freeport-McMoRan by 11.6% during the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after acquiring an additional 160 shares during the last quarter. Essex Bank increased its position in Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after purchasing an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC increased its position in shares of Freeport-McMoRan by 2.6% in the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock worth $427,000 after acquiring an additional 173 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 4.1%

Shares of FCX stock opened at $69.02 on Thursday. 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 business’s fifty day moving average is $64.29 and its 200-day moving average is $63.25. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The stock has a market cap of $99.12 billion, a PE ratio of 34.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company earned $0.54 EPS. Freeport-McMoRan’s revenue was down 7.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,600 shares of company stock valued at $1,802,012 over the last ninety days. Insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of a number of recent research reports. CICC Research lowered their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. HSBC raised their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Bank of America lifted their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

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.