Letko Brosseau & Associates Inc. Lowers Holdings in Freeport-McMoRan Inc (NYSE:FCX)

Letko Brosseau & Associates Inc. decreased its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,907,860 shares of the natural resource company’s stock after selling 346,360 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.48% of Freeport-McMoRan worth $80,200,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Sigma Planning Corp grew its holdings in shares of Freeport-McMoRan by 38.4% during the 2nd quarter. Sigma Planning Corp now owns 18,395 shares of the natural resource company’s stock worth $214,000 after purchasing an additional 5,106 shares during the period. Coastal Investment Advisors Inc. boosted its holdings in Freeport-McMoRan by 548.1% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 19,507 shares of the natural resource company’s stock worth $229,000 after acquiring an additional 16,497 shares during the period. Keybank National Association OH boosted its holdings in Freeport-McMoRan by 14.6% in the 2nd quarter. Keybank National Association OH now owns 493,262 shares of the natural resource company’s stock worth $5,727,000 after acquiring an additional 62,794 shares during the period. Wedbush Securities Inc. boosted its holdings in Freeport-McMoRan by 14.9% in the 2nd quarter. Wedbush Securities Inc. now owns 49,944 shares of the natural resource company’s stock worth $580,000 after acquiring an additional 6,466 shares during the period. Finally, CWM LLC boosted its holdings in Freeport-McMoRan by 301.6% in the 2nd quarter. CWM LLC now owns 12,045 shares of the natural resource company’s stock worth $140,000 after acquiring an additional 9,046 shares during the period. Institutional investors own 72.04% of the company’s stock.

Shares of FCX traded down $0.46 during trading on Thursday, reaching $8.90. The company’s stock had a trading volume of 626,905 shares, compared to its average volume of 19,458,524. The business’s fifty day moving average price is $10.97. Freeport-McMoRan Inc has a twelve month low of $9.35 and a twelve month high of $14.96. The company has a market cap of $13.80 billion, a P/E ratio of 5.85 and a beta of 2.34. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.66.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period in the prior year, the company posted $0.59 EPS. Freeport-McMoRan’s quarterly revenue was down 31.4% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc will post 0.17 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Friday, July 12th. Freeport-McMoRan’s payout ratio is 13.16%.

FCX has been the subject of a number of analyst reports. Barclays upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a report on Tuesday, July 16th. Deutsche Bank upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price target for the stock from $12.50 to $13.50 in a report on Wednesday, July 10th. Raymond James restated a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 25th. ValuEngine cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, BMO Capital Markets set a $14.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Friday, April 26th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $13.88.

In other Freeport-McMoRan news, Vice Chairman Richard C. Adkerson bought 172,000 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $10.14 per share, with a total value of $1,744,080.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kathleen L. Quirk bought 50,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was acquired at an average cost of $10.49 per share, for a total transaction of $524,500.00. Following the completion of the transaction, the chief financial officer now owns 920,769 shares in the company, valued at $9,658,866.81. The disclosure for this purchase can be found here. Corporate insiders own 0.98% of the company’s stock.

About Freeport-McMoRan

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.

Further Reading: Quiet Period

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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