Freeport-McMoRan Inc. (NYSE:FCX) Stake Boosted by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Freeport-McMoRan Inc. by 8.2% during the first quarter, now owning 83,176 shares valued at approximately $3.15 million.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, surpassing the consensus estimate by $0.09, with revenue reaching $7.58 billion.
• The company has disclosed a quarterly dividend of $0.15 per share, reflecting an annualized yield of 1.39% and a payout ratio of 22.73%.

Assetmark Inc. increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,176 shares of the natural resource company's stock after purchasing an additional 6,310 shares during the period. Assetmark Inc.'s holdings in Freeport-McMoRan were worth $3,149,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Mizuho Bank Ltd. bought a new position in Freeport-McMoRan in the fourth quarter worth about $26,000. Coppell Advisory Solutions LLC raised its holdings in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after buying an additional 268 shares during the last quarter. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on 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 in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $1.13 during mid-day trading on Thursday, hitting $40.27. The company's stock had a trading volume of 26,253,306 shares, compared to its average volume of 19,345,884. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $57.87 billion, a P/E ratio of 30.51, a P/E/G ratio of 0.71 and a beta of 1.64. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock's fifty day moving average price is $42.70 and its two-hundred day moving average price is $39.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the previous year, the business posted $0.46 earnings per share. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. Research 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 disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan's payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Hsbc Global Res cut Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a report on Friday, April 25th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Finally, Citigroup boosted their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan 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.