Capital Advisors Inc. OK Increases Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Capital Advisors Inc. OK increased its stake in Freeport-McMoRan Inc. by 26.1%, owning 997,705 shares valued at $43.25 million as of the second quarter.
• Freeport-McMoRan's quarterly earnings exceeded estimates, reporting $0.54 EPS on revenue of $7.58 billion, reflecting a 14.5% year-over-year increase.
• The company announced a quarterly dividend of $0.15 per share, with a dividend yield of 1.5% and a payout ratio of 22.73%.

Capital Advisors Inc. OK raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 997,705 shares of the natural resource company's stock after buying an additional 206,379 shares during the period. Capital Advisors Inc. OK owned about 0.07% of Freeport-McMoRan worth $43,251,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $366,959,000. Amundi increased its stake 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 purchasing an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP increased its stake 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 purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake 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 purchasing an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake 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 purchasing an additional 2,642,810 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.66 on Monday. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $51.19. The company has a fifty day simple moving average of $42.47 and a 200-day simple moving average of $40.54. The firm has a market capitalization of $56.94 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 0.87 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of several research reports. Jefferies Financial Group reissued a "buy" rating and set a $46.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Wall Street Zen cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. HSBC dropped their price target on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating for the company in a research note on Thursday, September 25th. BNP Paribas Exane decreased their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, September 25th. Finally, Citigroup boosted their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus price target of $46.74.

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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