Bank of Hawaii Makes New $256,000 Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Bank of Hawaii has invested approximately $256,000 in Freeport-McMoRan Inc. by acquiring 6,750 shares in the first quarter, indicating a growing interest in the natural resource company.
• Freeport-McMoRan recently reported a quarterly earnings per share of $0.54, surpassing analysts' expectations and marking a 14.5% increase in revenue compared to the previous year.
• The company declared a $0.15 quarterly dividend with a dividend yield of 1.4%, reflecting a sound dividend payout ratio of 22.73%.

Bank of Hawaii bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,750 shares of the natural resource company's stock, valued at approximately $256,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after acquiring an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Freeport-McMoRan by 27.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock valued at $20,565,000 after acquiring an additional 115,552 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Freeport-McMoRan by 3.9% during the 4th quarter. Integrated Wealth Concepts LLC now owns 50,974 shares of the natural resource company's stock valued at $1,941,000 after acquiring an additional 1,926 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its position in shares of Freeport-McMoRan by 14.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 55,494 shares of the natural resource company's stock valued at $2,113,000 after acquiring an additional 7,193 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 1.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 25,691 shares of the natural resource company's stock valued at $978,000 after acquiring an additional 467 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $43.68 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market cap of $62.71 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 0.82 and a beta of 1.63. The company's fifty day moving average is $43.08 and its two-hundred day moving average is $39.49.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the business posted $0.46 earnings per share. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Analyst Ratings Changes

FCX has been the subject of a number of recent research reports. Scotiabank increased their price objective 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. Citigroup increased their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Finally, Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

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.

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