Oliver Luxxe Assets LLC Buys 6,430 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Oliver Luxxe Assets LLC increased its holdings in Freeport-McMoRan Inc. by 4.4%, acquiring an additional 6,430 shares during the second quarter, bringing its total stake to 153,790 shares valued at approximately $6.67 million.
• Multiple analyst ratings for Freeport-McMoRan have shifted recently, with Morgan Stanley downgrading it to "equal weight" while raising the target price from $45 to $54, reflecting differing market sentiments.
• Freeport-McMoRan posted a quarterly earnings beat with an EPS of $0.54, exceeding expectations and showing a revenue increase of 14.5% year-over-year.

Oliver Luxxe Assets LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,790 shares of the natural resource company's stock after purchasing an additional 6,430 shares during the quarter. Freeport-McMoRan comprises 1.2% of Oliver Luxxe Assets LLC's investment portfolio, making the stock its 22nd biggest holding. Oliver Luxxe Assets LLC's holdings in Freeport-McMoRan were worth $6,667,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FCX. Stratos Investment Management LLC increased its holdings in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after acquiring an additional 45,458 shares in the last quarter. Community Bank N.A. increased its holdings in shares of Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. increased its holdings in shares of Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. increased its holdings in shares of Freeport-McMoRan by 27.6% during the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after acquiring an additional 23,695 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.16 during mid-day trading on Monday, reaching $45.10. 11,980,542 shares of the stock traded hands, compared to its average volume of 12,111,403. The stock has a market capitalization of $64.75 billion, a PE ratio of 34.16, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The business's 50-day moving average is $43.56 and its 200-day moving average is $40.51.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FCX. Scotiabank raised their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. Morgan Stanley cut Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. BNP Paribas Exane boosted their price target on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. BMO Capital Markets decreased 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. Finally, JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.33.

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.