G&S Capital LLC Reduces Stake in Freeport-McMoRan Inc. $FCX

Key Points

• G&S Capital cut its Freeport-McMoRan stake by 86.4% in the second quarter, selling 21,629 shares and retaining 3,412 shares worth about $215,000. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly EPS of $0.74, beating estimates of $0.62, while revenue reached $7.03 billion. Revenue declined 7.3% year over year, and analysts project $2.76 in full-year EPS.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $70.27. The company also declared a quarterly dividend of $0.075 per share, equal to a 0.4% yield.

G&S Capital LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 86.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,412 shares of the natural resource company's stock after selling 21,629 shares during the quarter. G&S Capital LLC's holdings in Freeport-McMoRan were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Arrowstreet Capital Limited Partnership raised its holdings in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock valued at $1,014,434,000 after buying an additional 9,924,573 shares during the period. Franklin Resources Inc. lifted its position in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Amundi boosted its stake in Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock worth $721,806,000 after buying an additional 7,192,955 shares during the period. Bank of America Corp DE increased its position in Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock valued at $2,489,069,000 after acquiring an additional 7,044,775 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Freeport-McMoRan by 101.2% during the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company's stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.5%

NYSE:FCX opened at $69.23 on Thursday. The company has a market cap of $99.52 billion, a price-to-earnings ratio of 34.10, a price-to-earnings-growth ratio of 0.69 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. 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 stock has a fifty day simple moving average of $64.01 and a 200-day simple moving average of $63.08.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. Analysts anticipate that Freeport-McMoRan Inc. will post 2.76 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's payout ratio is currently 14.78%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. BNP Paribas Exane lifted their price target on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. Scotiabank upped their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a report on Monday, June 15th. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Finally, HSBC raised their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Insider Activity at Freeport-McMoRan

In related news, 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 completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. Insiders have sold 26,600 shares of company stock valued at $1,802,012 in the last ninety days. Insiders own 0.73% of the company's stock.

About Freeport-McMoRan

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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