Freeport-McMoRan Inc (FCX) Holdings Boosted by Riverhead Capital Management LLC
Riverhead Capital Management LLC increased its stake in Freeport-McMoRan Inc (NYSE:FCX) by 12.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 256,612 shares of the natural resource company’s stock after purchasing an additional 28,187 shares during the quarter. Riverhead Capital Management LLC’s holdings in Freeport-McMoRan were worth $4,429,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Global X Management Co. LLC boosted its position in shares of Freeport-McMoRan by 12.6% during the 1st quarter. Global X Management Co. LLC now owns 283,724 shares of the natural resource company’s stock worth $4,985,000 after purchasing an additional 31,711 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Freeport-McMoRan by 9.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 45,830 shares of the natural resource company’s stock worth $805,000 after purchasing an additional 3,813 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $767,000. Morse Asset Management Inc boosted its position in shares of Freeport-McMoRan by 18.9% during the 1st quarter. Morse Asset Management Inc now owns 27,700 shares of the natural resource company’s stock worth $487,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Dupont Capital Management Corp boosted its position in shares of Freeport-McMoRan by 5.4% during the 1st quarter. Dupont Capital Management Corp now owns 146,303 shares of the natural resource company’s stock worth $2,571,000 after purchasing an additional 7,498 shares in the last quarter. 71.79% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on the stock. Zacks Investment Research lowered shares of Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research report on Monday, May 28th. Morgan Stanley boosted their target price on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, June 29th. Berenberg Bank restated a “sell” rating and set a $15.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, May 23rd. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 15th. Finally, Alembic Global Advisors upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $17.86.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.04. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $4.97 billion. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The business’s revenue was up 39.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 EPS. analysts expect that Freeport-McMoRan Inc will post 1.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Friday, July 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Thursday, July 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
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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