Occidental Asset Management LLC increased its stake in Freeport-McMoRan Inc (NYSE:FCX) by 20.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,573 shares of the natural resource company’s stock after purchasing an additional 7,936 shares during the period. Occidental Asset Management LLC’s holdings in Freeport-McMoRan were worth $541,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in FCX. Guild Investment Management Inc. bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $971,000. Koshinski Asset Management Inc. raised its stake in Freeport-McMoRan by 15.9% during the 2nd quarter. Koshinski Asset Management Inc. now owns 15,611 shares of the natural resource company’s stock valued at $181,000 after acquiring an additional 2,147 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at $2,062,000. Sigma Planning Corp raised its stake in Freeport-McMoRan by 9.1% during the 1st quarter. Sigma Planning Corp now owns 13,289 shares of the natural resource company’s stock valued at $171,000 after acquiring an additional 1,106 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. raised its stake in Freeport-McMoRan by 29.0% during the 1st quarter. Mraz Amerine & Associates Inc. now owns 14,256 shares of the natural resource company’s stock valued at $184,000 after acquiring an additional 3,202 shares in the last quarter. 72.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of FCX traded down $0.52 during midday trading on Thursday, reaching $8.84. The stock had a trading volume of 741,218 shares, compared to its average volume of 19,458,524. Freeport-McMoRan Inc has a 52 week low of $9.35 and a 52 week high of $14.96. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $10.97. The firm has a market cap of $13.80 billion, a P/E ratio of 5.82 and a beta of 2.34.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, July 12th. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
Several analysts have weighed in on the company. BMO Capital Markets set a $14.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, April 26th. Royal Bank of Canada raised Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and lifted their target price for the company from $12.00 to $14.00 in a research note on Wednesday, July 24th. ValuEngine downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Barclays raised Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 target price on the stock in a research note on Tuesday, July 16th. Finally, Raymond James reaffirmed a “market perform” rating and set a $13.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 25th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $13.88.
In related news, Vice Chairman Richard C. Adkerson bought 172,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $10.14 per share, for a total transaction of $1,744,080.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Harry M. Iv Conger sold 155,000 shares of Freeport-McMoRan stock in a transaction on Friday, June 7th. The stock was sold at an average price of $10.51, for a total value of $1,629,050.00. Following the completion of the transaction, the chief operating officer now owns 416,382 shares in the company, valued at $4,376,174.82. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by insiders.
Freeport-McMoRan Company Profile
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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