Occidental Asset Management LLC grew its stake in Freeport-McMoRan Inc (NYSE:FCX) by 20.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,573 shares of the natural resource company’s stock after buying an additional 7,936 shares during the period. Occidental Asset Management LLC’s holdings in Freeport-McMoRan were worth $541,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. Clearbridge Investments LLC lifted its position in shares of Freeport-McMoRan by 2.4% in the first quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock worth $413,394,000 after buying an additional 738,220 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Freeport-McMoRan by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after buying an additional 959,745 shares during the last quarter. Northern Trust Corp lifted its position in shares of Freeport-McMoRan by 0.5% in the first quarter. Northern Trust Corp now owns 20,644,052 shares of the natural resource company’s stock worth $266,103,000 after buying an additional 93,686 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Freeport-McMoRan by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 15,149,506 shares of the natural resource company’s stock worth $156,232,000 after buying an additional 1,145,747 shares during the last quarter. Finally, TCW Group Inc. lifted its position in shares of Freeport-McMoRan by 8.6% in the first quarter. TCW Group Inc. now owns 6,458,680 shares of the natural resource company’s stock worth $83,252,000 after buying an additional 510,599 shares during the last quarter. 72.04% of the stock is owned by institutional investors.
In related news, COO Harry M. Iv Conger sold 155,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the transaction, the chief operating officer now directly owns 416,382 shares in the company, valued at $4,376,174.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Richard C. Adkerson purchased 172,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average price of $10.14 per share, for a total transaction of $1,744,080.00. The disclosure for this purchase can be found here. Insiders own 0.98% of the company’s stock.
Shares of NYSE FCX traded down $0.52 during trading hours on Thursday, hitting $8.84. 741,218 shares of the company’s stock were exchanged, compared to its average volume of 19,458,524. Freeport-McMoRan Inc has a 1-year low of $9.35 and a 1-year high of $14.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The stock has a market cap of $13.80 billion, a PE ratio of 5.82 and a beta of 2.34. The firm has a 50-day moving average of $10.97.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the previous year, the firm earned $0.59 EPS. The firm’s revenue was down 31.4% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc will post 0.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.20 annualized dividend and a yield of 2.26%. Freeport-McMoRan’s dividend payout ratio is 13.16%.
A number of analysts have weighed in on FCX shares. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, June 26th. Raymond James reaffirmed a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 25th. ValuEngine cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Barclays raised Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a research report on Tuesday, July 16th. Finally, BMO Capital Markets set a $14.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 26th. Eleven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $13.88.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
Read More: What is Cost of Goods Sold (COGS)?
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.