Covington Capital Management Buys 501 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Covington Capital Management raised its stake in Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 69.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,222 shares of the natural resource company’s stock after purchasing an additional 501 shares during the quarter. Covington Capital Management’s holdings in Freeport-McMoRan were worth $36,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of FCX. St. Johns Investment Management Company LLC bought a new position in Freeport-McMoRan in the first quarter valued at approximately $25,000. FNY Investment Advisers LLC raised its stake in Freeport-McMoRan by 1,250.0% in the 1st quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock valued at $26,000 after acquiring an additional 500 shares during the period. GHP Investment Advisors Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. Fairfield Bush & CO. bought a new position in Freeport-McMoRan during the first quarter worth $26,000. Finally, Core Alternative Capital increased its holdings in shares of Freeport-McMoRan by 444.7% in the first quarter. Core Alternative Capital now owns 561 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 458 shares during the last quarter. 77.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the topic of several research reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Freeport-McMoRan from $37.00 to $35.00 in a report on Friday, July 22nd. Clarkson Capital reiterated a “neutral” rating on shares of Freeport-McMoRan in a report on Tuesday, June 14th. Exane BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price objective on the stock in a report on Wednesday, July 13th. Raymond James decreased their price objective on shares of Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, July 4th. Finally, Wolfe Research downgraded shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.00.

Insider Transactions at Freeport-McMoRan

In related news, Director Ryan Michael Lance bought 31,000 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was purchased at an average price of $31.88 per share, with a total value of $988,280.00. Following the completion of the acquisition, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Ryan Michael Lance bought 31,000 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was purchased at an average price of $31.88 per share, with a total value of $988,280.00. Following the completion of the acquisition, the director now owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Sara Grootwassink Lewis bought 3,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was bought at an average cost of $28.79 per share, with a total value of $86,370.00. Following the acquisition, the director now directly owns 13,800 shares of the company’s stock, valued at approximately $397,302. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

Freeport-McMoRan Trading Up 4.0 %

FCX opened at $30.49 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $24.80 and a twelve month high of $51.99. The company has a 50-day simple moving average of $29.68 and a 200 day simple moving average of $37.00. The company has a quick ratio of 1.94, a current ratio of 2.73 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $43.58 billion, a price-to-earnings ratio of 9.27, a P/E/G ratio of 0.37 and a beta of 2.00.

Freeport-McMoRan (NYSE:FCXGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The firm had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same period in the prior year, the company earned $0.77 EPS. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, July 14th. This represents a $0.60 annualized dividend and a yield of 1.97%. Freeport-McMoRan’s dividend payout ratio is 9.12%.

About Freeport-McMoRan

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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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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