Tejara Capital Ltd Takes Position in Freeport-McMoRan Inc. $FCX

Key Points

• Tejara Capital Ltd has acquired 30,000 shares of Freeport-McMoRan Inc. (NYSE:FCX), valued at approximately $1,136,000, indicating growing institutional interest in the company.
• Freeport-McMoRan recently reported a 14.5% year-over-year revenue increase and earnings per share of $0.54, surpassing analysts' expectations.
• The company's dividend yield is currently 1.4%, with a quarterly payment of $0.15 recently distributed to stockholders.

Tejara Capital Ltd purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 30,000 shares of the natural resource company's stock, valued at approximately $1,136,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Coppell Advisory Solutions LLC grew its stake in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. acquired a new stake in Freeport-McMoRan during the first quarter valued at $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan during the fourth quarter valued at $35,000. Dagco Inc. acquired a new stake in Freeport-McMoRan during the first quarter valued at $37,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan during the first quarter valued at $42,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

FCX traded down $0.1530 on Wednesday, hitting $41.3070. 5,524,308 shares of the company's stock were exchanged, compared to its average volume of 16,519,739. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $42.99 and a 200-day moving average price of $39.33. The stock has a market cap of $59.31 billion, a price-to-earnings ratio of 31.29, a P/E/G ratio of 0.79 and a beta of 1.63.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's payout ratio is currently 22.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Bank of America reissued a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 9th. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.