TIAA Trust National Association Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• TIAA Trust National Association increased its stake in Freeport-McMoRan by 1,662.5%, acquiring a total of 273,862 shares worth approximately $10.37 million by the end of Q1 2023.
• The company reported a quarterly earnings of $0.54 per share, exceeding expectations and marking a 14.5% year-over-year revenue increase to $7.58 billion.
• Freeport-McMoRan declared a quarterly dividend of $0.15 per share, representing a 1.5% yield, with an annualized payout totaling $0.60.

TIAA Trust National Association grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1,662.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 273,862 shares of the natural resource company's stock after purchasing an additional 258,324 shares during the quarter. TIAA Trust National Association's holdings in Freeport-McMoRan were worth $10,368,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Baker Avenue Asset Management LP lifted its stake in Freeport-McMoRan by 35.8% in the first quarter. Baker Avenue Asset Management LP now owns 316,188 shares of the natural resource company's stock worth $11,971,000 after acquiring an additional 83,298 shares during the period. Mengis Capital Management Inc. lifted its stake in Freeport-McMoRan by 7.1% in the first quarter. Mengis Capital Management Inc. now owns 29,868 shares of the natural resource company's stock worth $1,131,000 after acquiring an additional 1,981 shares during the period. Strategic Advocates LLC lifted its stake in Freeport-McMoRan by 33.9% in the first quarter. Strategic Advocates LLC now owns 15,192 shares of the natural resource company's stock worth $575,000 after acquiring an additional 3,847 shares during the period. EagleClaw Capital Managment LLC lifted its stake in Freeport-McMoRan by 3.4% in the first quarter. EagleClaw Capital Managment LLC now owns 149,225 shares of the natural resource company's stock worth $5,650,000 after acquiring an additional 4,900 shares during the period. Finally, Moors & Cabot Inc. lifted its stake in Freeport-McMoRan by 0.9% in the first quarter. Moors & Cabot Inc. now owns 43,890 shares of the natural resource company's stock worth $1,662,000 after acquiring an additional 370 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on FCX. BMO Capital Markets dropped their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target for the company in a research note on Wednesday, April 16th. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Down 1.1%

Shares of NYSE:FCX traded down $0.43 on Tuesday, hitting $39.99. 952,800 shares of the company traded hands, compared to its average volume of 16,144,622. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. 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 50 day simple moving average of $42.75 and a 200-day simple moving average of $39.04. The company has a market cap of $57.47 billion, a PE ratio of 30.31, a PEG ratio of 0.75 and a beta of 1.63.

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

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's payout ratio is presently 22.73%.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.79% of the stock is owned by insiders.

About Freeport-McMoRan

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.