Shikiar Asset Management Inc. Acquires 13,050 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Shikiar Asset Management Inc. increased its stake in Freeport-McMoRan Inc. by 9.4% during the second quarter, now holding 151,235 shares valued at approximately $6.56 million, making it the 24th largest position in their portfolio.
• Freeport-McMoRan reported a quarterly earnings of $0.54 EPS, surpassing analyst expectations, and a revenue of $7.58 billion, up 14.5% compared to the previous year.
• The company declared a quarterly dividend of $0.15 per share, with a payout ratio of 22.73%, and the dividend is set to be paid on November 3rd to shareholders of record by October 15th.

Shikiar Asset Management Inc. raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,235 shares of the natural resource company's stock after purchasing an additional 13,050 shares during the quarter. Freeport-McMoRan accounts for about 1.8% of Shikiar Asset Management Inc.'s portfolio, making the stock its 24th largest position. Shikiar Asset Management Inc.'s holdings in Freeport-McMoRan were worth $6,556,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Mengis Capital Management Inc. lifted its position in Freeport-McMoRan by 14.3% during the second quarter. Mengis Capital Management Inc. now owns 34,153 shares of the natural resource company's stock valued at $1,481,000 after purchasing an additional 4,285 shares during the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in Freeport-McMoRan during the second quarter valued at $218,000. Argyle Capital Management LLC lifted its position in Freeport-McMoRan by 1.4% during the second quarter. Argyle Capital Management LLC now owns 35,670 shares of the natural resource company's stock valued at $1,546,000 after purchasing an additional 500 shares during the last quarter. IFP Advisors Inc lifted its position in Freeport-McMoRan by 1.3% during the second quarter. IFP Advisors Inc now owns 79,461 shares of the natural resource company's stock valued at $3,445,000 after purchasing an additional 1,016 shares during the last quarter. Finally, Callan Family Office LLC raised its stake in shares of Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company's stock valued at $1,170,000 after acquiring an additional 18,803 shares during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 1.1%

FCX stock opened at $43.31 on Friday. The company has a market capitalization of $62.18 billion, a PE ratio of 32.81, a P/E/G ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $50.28. The firm's 50-day moving average is $42.49 and its 200 day moving average is $40.57. 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 (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. HSBC reduced their target price on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating on the stock in a research note on Thursday, September 25th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price on the stock. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 target price on the stock in a research note on Thursday, September 25th. Finally, Johnson Rice reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $46.56.

Freeport-McMoRan Company 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.

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