Pillar Pacific Capital Management LLC grew its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 15.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 293,427 shares of the natural resource company’s stock after buying an additional 39,937 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,407,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of Freeport-McMoRan by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,149,506 shares of the natural resource company’s stock worth $156,232,000 after purchasing an additional 1,145,747 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Freeport-McMoRan by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after purchasing an additional 959,745 shares during the last quarter. Strs Ohio boosted its holdings in shares of Freeport-McMoRan by 7.5% in the first quarter. Strs Ohio now owns 72,560 shares of the natural resource company’s stock worth $935,000 after buying an additional 5,082 shares during the period. Brinker Capital Inc. boosted its holdings in shares of Freeport-McMoRan by 29.2% in the first quarter. Brinker Capital Inc. now owns 51,014 shares of the natural resource company’s stock worth $658,000 after buying an additional 11,539 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Freeport-McMoRan in the first quarter worth about $738,000. Hedge funds and other institutional investors own 71.76% of the company’s stock.
Shares of FCX traded down $0.30 during midday trading on Friday, hitting $8.83. The stock had a trading volume of 18,709,693 shares, compared to its average volume of 19,926,010. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. The firm has a market cap of $13.25 billion, a P/E ratio of 5.81 and a beta of 2.34. The business has a 50-day simple moving average of $10.54 and a two-hundred day simple moving average of $11.60. Freeport-McMoRan Inc has a fifty-two week low of $8.78 and a fifty-two week high of $14.96.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same period last year, the company posted $0.59 earnings per share. On average, analysts expect that Freeport-McMoRan Inc will post 0.15 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, July 12th. Freeport-McMoRan’s dividend payout ratio is currently 13.16%.
Several research analysts have commented on the stock. Royal Bank of Canada upgraded shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and raised their target price for the stock from $12.00 to $14.00 in a report on Wednesday, July 24th. Raymond James reiterated a “market perform” rating and issued a $13.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 25th. Deutsche Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the stock from $12.50 to $13.50 in a report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Finally, UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, June 26th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average price target of $13.88.
In related news, Vice Chairman Richard C. Adkerson purchased 172,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $10.14 per share, for a total transaction of $1,744,080.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kathleen L. Quirk purchased 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were bought at an average price of $10.49 per share, with a total value of $524,500.00. Following the completion of the acquisition, the chief financial officer now owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The disclosure for this purchase can be found here. Company insiders own 0.98% of the company’s stock.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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