Triumph Capital Management Has $888,000 Position in Freeport-McMoRan Inc. $FCX

Key Points

• Triumph Capital Management increased its Freeport-McMoRan stake by 14,757.9% in the second quarter, ending with 14,115 shares valued at approximately $888,000. Institutional investors and hedge funds collectively own 80.77% of the company.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, beating estimates of $0.62, while revenue reached $7.03 billion versus expectations of $6.62 billion. Shares opened at $72.42, near the upper end of their 52-week range.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $70.27, although company insiders sold more than 110,000 shares worth approximately $8.4 million during the quarter.

Triumph Capital Management grew its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14,757.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,115 shares of the natural resource company's stock after acquiring an additional 14,020 shares during the quarter. Triumph Capital Management's holdings in Freeport-McMoRan were worth $888,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Steph & Co. increased its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the first quarter worth $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $29,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $34,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $72.42 on Wednesday. The firm has a market cap of $104.00 billion, a price-to-earnings ratio of 35.68, a price-to-earnings-growth ratio of 0.74 and a beta of 1.40. The stock's 50-day moving average is $65.75 and its 200-day moving average is $64.15. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. Freeport-McMoRan's revenue for the quarter was down 7.3% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Insider Buying and Selling at Freeport-McMoRan

In other news, EVP Douglas N. Currault II sold 80,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company's stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the transaction, the director owned 122,702 shares of the company's stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. Insiders own 0.73% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Citigroup reaffirmed a "positive" rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Royal Bank Of Canada increased their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. UBS Group lifted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Finally, Morgan Stanley boosted their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $70.27.

Freeport-McMoRan Profile

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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