Gables Capital Management Inc. lifted its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 50.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,800 shares of the natural resource company’s stock after purchasing an additional 11,050 shares during the quarter. Gables Capital Management Inc.’s holdings in Freeport-McMoRan were worth $457,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Brookstone Capital Management acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth $182,000. Gulf International Bank UK Ltd increased its stake in shares of Freeport-McMoRan by 7.6% during the 3rd quarter. Gulf International Bank UK Ltd now owns 466,684 shares of the natural resource company’s stock worth $6,496,000 after purchasing an additional 33,000 shares during the last quarter. BP PLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth $2,587,000. Virginia Retirement Systems ET AL increased its stake in shares of Freeport-McMoRan by 9.9% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 81,400 shares of the natural resource company’s stock worth $1,133,000 after purchasing an additional 7,300 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its stake in shares of Freeport-McMoRan by 8.1% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 67,408 shares of the natural resource company’s stock worth $938,000 after purchasing an additional 5,040 shares during the last quarter. Institutional investors own 73.10% of the company’s stock.
Shares of Freeport-McMoRan stock opened at $12.20 on Wednesday. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83. Freeport-McMoRan Inc has a fifty-two week low of $10.59 and a fifty-two week high of $20.25. The firm has a market capitalization of $17.74 billion, a price-to-earnings ratio of 10.43 and a beta of 2.40.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the prior year, the firm earned $0.34 EPS. The business’s revenue was up 13.9% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc will post 1.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Friday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total value of $836,250.00. Following the completion of the sale, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.05% of the stock is owned by corporate insiders.
Several research analysts have recently commented on FCX shares. ValuEngine lowered shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Deutsche Bank upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Thursday, July 26th. Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 26th. Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a research note on Thursday, August 2nd. Finally, Clarkson Capital lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research note on Tuesday, September 11th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.18.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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