Outlook Capital Management LLC Takes $18.45 Million Position in Freeport-McMoRan Inc. $FCX

Outlook Capital Management LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 293,428 shares of the natural resource company’s stock, valued at approximately $18,454,000. Freeport-McMoRan comprises approximately 6.0% of Outlook Capital Management LLC’s portfolio, making the stock its 3rd biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jupiter Topco LLC bought a new stake in Freeport-McMoRan in the second quarter valued at approximately $739,890,000. Arrowstreet Capital Limited Partnership raised its holdings 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. raised its holdings 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. Amundi lifted its position in shares of Freeport-McMoRan by 102.5% in the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Freeport-McMoRan by 20.0% in the 1st 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 purchasing an additional 7,044,775 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the topic of a number of analyst reports. Erste Group Bank began coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They issued a “buy” rating on the stock. BNP Paribas Exane lifted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. UBS Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $72.66 on Friday. The stock has a market capitalization of $104.34 billion, a price-to-earnings ratio of 35.79, a PEG 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. 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 stock’s 50 day moving average price is $66.40 and its two-hundred day moving average price is $64.37.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $6.62 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Douglas Currault, II sold 80,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

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.