L2 Asset Management LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,971 shares of the natural resource company’s stock, valued at approximately $207,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its holdings in shares of Freeport-McMoRan by 17.3% during the fourth quarter. ProShare Advisors LLC now owns 424,303 shares of the natural resource company’s stock worth $17,707,000 after buying an additional 62,696 shares during the last quarter. Creative Planning grew its holdings in shares of Freeport-McMoRan by 18.2% during the third quarter. Creative Planning now owns 261,808 shares of the natural resource company’s stock worth $8,517,000 after buying an additional 40,247 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Freeport-McMoRan by 47.9% during the fourth quarter. Fifth Third Bancorp now owns 384,153 shares of the natural resource company’s stock worth $16,031,000 after buying an additional 124,410 shares during the last quarter. Leavell Investment Management Inc. grew its holdings in shares of Freeport-McMoRan by 8.9% during the fourth quarter. Leavell Investment Management Inc. now owns 61,427 shares of the natural resource company’s stock worth $2,563,000 after buying an additional 5,002 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in Freeport-McMoRan by 0.3% in the 4th quarter. State of Michigan Retirement System now owns 369,663 shares of the natural resource company’s stock valued at $15,426,000 after purchasing an additional 1,000 shares in the last quarter. 77.37% of the stock is currently owned by hedge funds and other institutional investors.
In other Freeport-McMoRan news, Director Hugh Grant purchased 12,300 shares of the business’s stock in a transaction on Monday, April 25th. The stock was bought at an average cost of $40.75 per share, for a total transaction of $501,225.00. Following the acquisition, the director now owns 15,776 shares of the company’s stock, valued at approximately $642,872. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kathleen L. Quirk sold 80,000 shares of the business’s stock in a transaction on Wednesday, February 16th. The shares were sold at an average price of $44.02, for a total transaction of $3,521,600.00. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
Shares of Freeport-McMoRan stock traded up $0.70 during trading on Friday, hitting $35.04. 18,987,965 shares of the company were exchanged, compared to its average volume of 19,955,252. The firm has a 50 day moving average price of $45.64 and a 200 day moving average price of $42.38. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $50.98 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 0.32 and a beta of 2.01. Freeport-McMoRan Inc. has a fifty-two week low of $30.02 and a fifty-two week high of $51.99.
Freeport-McMoRan (NYSE:FCX – Get Rating) last issued its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.13. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.29 billion. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. Freeport-McMoRan’s revenue was up 36.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 EPS. Analysts predict that Freeport-McMoRan Inc. will post 3.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Thursday, April 14th were issued a $0.15 dividend. The ex-dividend date was Wednesday, April 13th. This represents a $0.60 annualized dividend and a yield of 1.71%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 8.70%.
About Freeport-McMoRan (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.
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