Bearing Point Capital LLC Buys 11,630 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Bearing Point Capital LLC increased its stake in Freeport-McMoRan by 204.3%, accumulating a total of 17,322 shares valued at approximately $656,000.
• Freeport-McMoRan reported better-than-expected earnings of $0.54 per share for the last quarter, surpassing analysts' estimates of $0.45, with revenue increasing by 14.5% year-over-year.
• The company declared a quarterly dividend of $0.15 per share with an annualized dividend yield of 1.34%, highlighting its strong financial position.

Bearing Point Capital LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 204.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 17,322 shares of the natural resource company's stock after acquiring an additional 11,630 shares during the quarter. Bearing Point Capital LLC's holdings in Freeport-McMoRan were worth $656,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after acquiring an additional 5,735,171 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock valued at $1,122,922,000 after acquiring an additional 688,240 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. Capital World Investors raised its stake in shares of Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after acquiring an additional 750,500 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 0.7%

Freeport-McMoRan stock opened at $44.87 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The firm has a market capitalization of $64.48 billion, a price-to-earnings ratio of 33.99, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. The firm's fifty day moving average price is $42.43 and its two-hundred day moving average price is $38.99. The company has a current ratio of 2.47, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share 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 firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the firm earned $0.46 earnings per share. The business's quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan's payout ratio is currently 22.73%.

Insider Buying and Selling 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 shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.75% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Scotiabank increased their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Bank of America reiterated a "neutral" rating and set a $56.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Royal Bank Of Canada increased their price objective 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. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Morgan Stanley cut shares of 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. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock 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.

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