Freeport-McMoRan Inc. $FCX Stock Position Raised by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. increased its holdings in Freeport-McMoRan Inc. by 0.7% in the first quarter, bringing its total stake to approximately $55.13 million, which makes up 0.9% of the firm's investment portfolio.
• Freeport-McMoRan reported quarterly earnings of $0.54 EPS, exceeding the analyst consensus estimate of $0.45, and had revenue of $7.58 billion, which was significantly higher than expected.
• The company recently announced a quarterly dividend of $0.15 per share, yielding an annualized dividend of 1.4% and reflecting a payout ratio of 22.73%.

Tocqueville Asset Management L.P. grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,456,241 shares of the natural resource company's stock after buying an additional 9,820 shares during the quarter. Freeport-McMoRan accounts for approximately 0.9% of Tocqueville Asset Management L.P.'s holdings, making the stock its 22nd biggest holding. Tocqueville Asset Management L.P. owned approximately 0.10% of Freeport-McMoRan worth $55,133,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Coppell Advisory Solutions LLC lifted its stake in Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after buying an additional 268 shares in the last quarter. Kestra Private Wealth Services LLC raised its stake in Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after purchasing an additional 275 shares during the last quarter. Princeton Capital Management LLC lifted its holdings in Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after purchasing an additional 278 shares in the last quarter. Finally, Sargent Investment Group LLC boosted its stake in shares of Freeport-McMoRan by 2.8% during the 1st quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 0.8%

Shares of FCX stock traded down $0.3480 on Tuesday, hitting $41.4020. The stock had a trading volume of 7,629,410 shares, compared to its average volume of 16,904,020. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The firm has a market capitalization of $59.44 billion, a price-to-earnings ratio of 28.40, a P/E/G ratio of 0.80 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock's 50 day moving average is $43.00 and its 200-day moving average is $39.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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 return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the previous year, the firm posted $0.46 earnings per share. The company's revenue was up 14.5% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed 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 1.4%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Citigroup raised their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note 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 company from $45.00 to $50.00 in a research note on Friday, July 11th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group reissued a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.79% of the company's stock.

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.