Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC increased its stake in Freeport-McMoRan by 1.1%, now owning 727,150 shares valued at approximately $27.53 million.
• Freeport-McMoRan reported a quarterly earnings per share of $0.54, exceeding analysts' expectations of $0.45, alongside revenues of $7.58 billion for the quarter.
• The company declared a quarterly dividend of $0.15, representing a 1.37% annualized yield, with a payout ratio of 22.73%.

TCTC Holdings LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 727,150 shares of the natural resource company's stock after purchasing an additional 8,052 shares during the quarter. Freeport-McMoRan comprises approximately 1.0% of TCTC Holdings LLC's investment portfolio, making the stock its 28th biggest holding. TCTC Holdings LLC owned about 0.05% of Freeport-McMoRan worth $27,530,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Brighton Jones LLC lifted its stake 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 during the period. Bank Pictet & Cie Europe AG lifted its stake in shares of Freeport-McMoRan by 27.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after buying an additional 115,552 shares during the period. American Century Companies Inc. lifted its stake in shares of Freeport-McMoRan by 20.0% during the fourth quarter. American Century Companies Inc. now owns 504,987 shares of the natural resource company's stock worth $19,230,000 after buying an additional 84,207 shares during the period. Orion Portfolio Solutions LLC lifted its position in Freeport-McMoRan by 13.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 47,078 shares of the natural resource company's stock valued at $1,793,000 after purchasing an additional 5,674 shares during the period. Finally, Allstate Corp acquired a new position in Freeport-McMoRan during the fourth quarter valued at $1,571,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The shares were 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 in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.75% of the stock is owned by corporate insiders.

Freeport-McMoRan Stock Down 0.8%

Shares of FCX traded down $0.33 during midday trading on Friday, reaching $39.91. The stock had a trading volume of 10,004,548 shares, compared to its average volume of 16,231,303. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The company's fifty day simple moving average is $42.70 and its two-hundred day simple moving average is $39.05. The company has a market cap of $57.35 billion, a price-to-earnings ratio of 30.27, a PEG ratio of 0.71 and a beta of 1.64. 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 announced 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. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the business earned $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently issued reports on FCX. Citigroup boosted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $51.00.

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.