Annex Advisory Services LLC Acquires 196,035 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Annex Advisory Services LLC increased its holdings in Freeport-McMoRan by 27.2%, acquiring an additional 196,035 shares, now owning 916,899 shares valued at approximately $39.75 million.
• Several other institutional investors have also boosted their stakes in Freeport-McMoRan, with 80.77% of the stock now owned by institutional investors and hedge funds.
• Freeport-McMoRan recently reported earnings of $0.54 per share, exceeding analysts' expectations, with total revenues of $7.58 billion for the quarter, marking a year-over-year increase of 14.5%.

Annex Advisory Services LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 27.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 916,899 shares of the natural resource company's stock after acquiring an additional 196,035 shares during the period. Annex Advisory Services LLC owned 0.06% of Freeport-McMoRan worth $39,748,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $366,959,000. Amundi raised its position in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP raised its position in shares of Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.2%

Shares of NYSE FCX traded up $0.09 during trading hours on Tuesday, hitting $45.25. The company's stock had a trading volume of 7,966,754 shares, compared to its average volume of 15,317,093. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a market cap of $64.97 billion, a price-to-earnings ratio of 34.25, a P/E/G ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The business has a 50-day simple moving average of $43.56 and a 200-day simple moving average of $40.51.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The company 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%.Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.46 earnings per share. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. BNP Paribas Exane increased their price objective on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Citigroup increased their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Finally, Scotiabank raised their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.33.

Freeport-McMoRan 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.