Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 53.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,916,291 shares of the natural resource company's stock after buying an additional 670,578 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Freeport-McMoRan worth $120,516,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. lifted its position in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock worth $118,000 after acquiring an additional 147 shares during the period. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in shares of Freeport-McMoRan by 11.6% during the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock worth $97,000 after purchasing an additional 160 shares during the period. Essex Bank grew its position in Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after buying an additional 163 shares during the last quarter. Finally, Fiduciary Financial Group LLC grew its position in Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company's stock valued at $427,000 after buying an additional 173 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.
Freeport-McMoRan Stock Performance
NYSE:FCX opened at $76.68 on Monday. The firm's fifty day simple moving average is $64.55 and its 200-day simple moving average is $63.44. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market cap of $110.11 billion, a PE ratio of 37.77, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $77.33.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 14.78%.
Analysts Set New Price Targets
A number of brokerages have commented on FCX. Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Jefferies Financial Group increased their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Morgan Stanley lifted their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, July 8th. Scotiabank boosted their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a research report on Monday, June 15th. Finally, Bank of America boosted their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.27.
Check Out Our Latest Report on FCX
Insider Transactions at Freeport-McMoRan
In other news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan 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 directly owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. This trade represents a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is currently owned by corporate insiders.
Freeport-McMoRan Company Profile
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Free Report)
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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