Atalanta Sosnoff Capital LLC Purchases New Shares in Freeport-McMoRan Inc. $FCX

Key Points

• Atalanta Sosnoff Capital LLC acquired 245,263 shares of Freeport-McMoRan Inc. for approximately $9.29 million in the first quarter according to a recent SEC filing.
• Freeport-McMoRan's recent earnings report showed an EPS of $0.54, surpassing analysts' expectations of $0.45, with revenues reaching $7.58 billion.
• The company announced a quarterly dividend of $0.15 per share, equating to an annual yield of 1.3% and a payout ratio of 22.73%.

Atalanta Sosnoff Capital LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 245,263 shares of the natural resource company's stock, valued at approximately $9,286,000.

A number of other large investors have also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its stake in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Princeton Capital Management LLC grew its stake in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after buying an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC grew its stake in Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after buying an additional 278 shares in the last quarter. Capital Analysts LLC grew its stake in Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after buying an additional 284 shares in the last quarter. Finally, Sargent Investment Group LLC grew its stake in Freeport-McMoRan by 2.8% during the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after buying an additional 285 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.7%

Shares of NYSE:FCX traded up $0.30 during mid-day trading on Friday, hitting $46.37. The company had a trading volume of 8,068,482 shares, compared to its average volume of 9,633,279. The firm has a fifty day moving average price of $43.64 and a 200 day moving average price of $39.87. The company has a market capitalization of $66.58 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 0.88 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the business posted $0.46 EPS. Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently commented on FCX. Bank of America reissued a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Citigroup increased their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada lifted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.