Great Lakes Advisors LLC Raises Stock Holdings in Freeport-McMoRan Inc. $FCX

Great Lakes Advisors LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,687,548 shares of the natural resource company's stock after purchasing an additional 57,089 shares during the quarter. Great Lakes Advisors LLC owned 0.12% of Freeport-McMoRan worth $106,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its holdings in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at $560,000. Brown Advisory Inc. boosted its stake in Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock valued at $539,000 after acquiring an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its stake in Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock valued at $2,172,000 after acquiring an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $66.33 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The business's 50 day moving average is $64.15 and its 200-day moving average is $63.22. The stock has a market cap of $95.25 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 0.66 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The business's revenue for the quarter was down 7.3% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 14.78%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. BNP Paribas Exane boosted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research report on Thursday, June 18th. 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 research report on Monday, June 8th. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research note on Friday, July 24th. Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. Finally, Scotiabank increased their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $70.27.

Insider Transactions at Freeport-McMoRan

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