Freeport-McMoRan Inc. $FCX Shares Bought by Engineers Gate Manager LP

Engineers Gate Manager LP raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 692,631 shares of the natural resource company’s stock after acquiring an additional 74,896 shares during the quarter. Freeport-McMoRan makes up about 0.6% of Engineers Gate Manager LP’s holdings, making the stock its 20th largest holding. Engineers Gate Manager LP’s holdings in Freeport-McMoRan were worth $43,560,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of Freeport-McMoRan by 6,434.3% during the second 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 purchasing an additional 140,006,047 shares in the last quarter. Jupiter Topco LLC purchased a new position in Freeport-McMoRan in the 2nd quarter valued at $739,890,000. Arrowstreet Capital Limited Partnership boosted its stake in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 31.2% during 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 purchasing an additional 8,891,743 shares during the last quarter. Finally, Amundi grew its holdings in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity

In related news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the 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. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Up 5.3%

NYSE FCX opened at $76.61 on Wednesday. The business’s fifty day simple moving average is $66.89 and its 200-day simple moving average is $64.56. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $110.01 billion, a PE ratio of 37.74, a P/E/G ratio of 0.71 and a beta of 1.41. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current 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 paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is 14.78%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Sanford C. Bernstein boosted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Freedom Broker cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.