Freeport-McMoRan Inc. $FCX Shares Bought by Bourgeon Capital Management LLC

Key Points

• Bourgeon Capital Management LLC increased its stake in Freeport-McMoRan by 8.1% in Q2, owning a total of 331,549 shares valued at approximately $14.37 million.
• Freeport-McMoRan reported an EPS of $0.54 for the last quarter, surpassing analysts' expectations and showing a 14.5% year-over-year revenue growth.
• The company will pay a quarterly dividend of $0.15 per share on November 3, representing a 1.6% yield and a low dividend payout ratio of 22.73%.

Bourgeon Capital Management LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 331,549 shares of the natural resource company's stock after purchasing an additional 24,803 shares during the period. Freeport-McMoRan accounts for about 2.8% of Bourgeon Capital Management LLC's portfolio, making the stock its 6th biggest holding. Bourgeon Capital Management LLC's holdings in Freeport-McMoRan were worth $14,373,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $33,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $37,000. Beacon Capital Management LLC increased its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after buying an additional 327 shares during the period. CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $42,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $37.14 on Tuesday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $53.32 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 0.68 and a beta of 1.59. The stock has a 50 day moving average of $42.94 and a 200 day moving average of $40.56. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.45.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan's revenue was up 14.5% on a year-over-year basis. During the same period last year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Raymond James Financial cut their target price on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating on the stock in a research report on Thursday, September 25th. Stifel Nicolaus started coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. Royal Bank Of Canada upped their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. HSBC cut their target price on Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating on the stock in a research report on Thursday, September 25th. Finally, CICC Research cut their target price on Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating on the stock in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.