Freeport-McMoRan Inc. $FCX Shares Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,687,548 shares of the natural resource company’s stock after purchasing an additional 57,089 shares during the quarter. Great Lakes Advisors LLC’s holdings in Freeport-McMoRan were worth $106,130,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after buying an additional 9,924,573 shares during the period. Franklin Resources Inc. grew its holdings in 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 acquiring an additional 8,891,743 shares during the period. Amundi grew its holdings in 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 acquiring an additional 7,192,955 shares during the period. Bank of America Corp DE raised its position in Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Freeport-McMoRan by 101.2% in the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 3.0%

NYSE:FCX opened at $66.33 on Wednesday. The business’s fifty day moving average price is $64.15 and its 200 day moving average price is $63.22. The firm has a market capitalization of $95.25 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 0.66 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same period last year, the company posted $0.54 EPS. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors 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 0.5%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Wells Fargo & Company boosted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. 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 note on Thursday, July 9th. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. Finally, Morgan Stanley lifted their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average 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.