Triumph Capital Management Buys 14,020 Shares of Freeport-McMoRan Inc. $FCX

Triumph Capital Management grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14,757.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,115 shares of the natural resource company’s stock after purchasing an additional 14,020 shares during the quarter. Triumph Capital Management’s holdings in Freeport-McMoRan were worth $888,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in shares of Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after acquiring an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Freeport-McMoRan by 205.4% during 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 acquiring an additional 213,477 shares during the period. Finally, Applied Finance Capital Management LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $868,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on FCX. BNP Paribas Exane boosted their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Trading Down 4.4%

NYSE FCX opened at $72.42 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $80.24. The company has a market cap of $104.00 billion, a price-to-earnings ratio of 35.68, a price-to-earnings-growth ratio of 0.74 and a beta of 1.40. The business’s fifty day moving average is $65.75 and its 200 day moving average is $64.15.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.81 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared 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 was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is 14.78%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is owned by corporate insiders.

About Freeport-McMoRan

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.