Winch Advisory Services LLC reduced its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,593 shares of the natural resource company’s stock after selling 1,529 shares during the period. Winch Advisory Services LLC’s holdings in Freeport-McMoRan were worth $1,029,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. TCG Advisors LP purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Private Capital Group LLC lifted its holdings in Freeport-McMoRan by 99.3% in the 1st quarter. Private Capital Group LLC now owns 3,650 shares of the natural resource company’s stock worth $47,000 after purchasing an additional 1,819 shares in the last quarter. Bremer Bank National Association purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $53,000. Valeo Financial Advisors LLC lifted its holdings in Freeport-McMoRan by 92.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock worth $54,000 after purchasing an additional 2,248 shares in the last quarter. Finally, Glassman Wealth Services lifted its holdings in Freeport-McMoRan by 5,990.1% in the 1st quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock worth $71,000 after purchasing an additional 5,451 shares in the last quarter. 71.76% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, June 26th. Deutsche Bank raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the stock from $12.50 to $13.50 in a report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. ValuEngine cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, Barclays raised Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a report on Tuesday, July 16th. Eleven investment 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 price target of $13.88.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The company’s revenue for the quarter was down 31.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc will post 0.15 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, July 12th. This represents a $0.20 annualized dividend and a dividend yield of 2.27%. Freeport-McMoRan’s dividend payout ratio (DPR) is 13.16%.
In related news, CFO Kathleen L. Quirk bought 50,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average price of $10.49 per share, with a total value of $524,500.00. Following the transaction, the chief financial officer now owns 920,769 shares in the company, valued at approximately $9,658,866.81. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Harry M. Iv Conger sold 155,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $10.51, for a total value of $1,629,050.00. Following the transaction, the chief operating officer now directly owns 416,382 shares in the company, valued at approximately $4,376,174.82. The disclosure for this sale can be found here. 0.98% of the stock is owned by corporate insiders.
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.
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