Capital Management Associates NY Invests $1.07 Million in Freeport-McMoRan Inc. $FCX

Key Points

• Capital Management Associates NY bought 17,000 shares of Freeport-McMoRan in the second quarter, valued at approximately $1.07 million and representing 1.4% of its portfolio. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, exceeding analyst estimates of $0.62, while revenue reached $7.03 billion versus the $6.62 billion consensus. However, revenue declined 7.3% year over year.
• FCX shares recently traded at $69.02, up 4.1%, with analysts maintaining a consensus “Moderate Buy” rating and an average price target of $70.27; the company also pays a quarterly dividend of $0.075 per share.

Capital Management Associates NY purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,000 shares of the natural resource company's stock, valued at approximately $1,069,000. Freeport-McMoRan comprises approximately 1.4% of Capital Management Associates NY's portfolio, making the stock its 28th largest holding.

Other hedge funds also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 4.1%

NYSE:FCX opened at $69.02 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm's fifty day moving average is $64.29 and its 200-day moving average is $63.25. The firm has a market cap of $99.12 billion, a P/E ratio of 34.00, a P/E/G ratio of 0.66 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan's quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan's dividend payout ratio is presently 14.78%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a report on Tuesday, April 28th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. HSBC lifted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Sanford C. Bernstein boosted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a research note on Wednesday, June 10th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $78.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Insider Buying and Selling

In other news, CAO Stephen T. Higgins sold 14,277 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company's stock, valued at $3,795,951. This trade represents a 20.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares of the company's stock, valued at $2,520,000. This represents a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 over the last 90 days. Company insiders own 0.73% of the company's stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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