Concurrent Investment Advisors LLC Increases Holdings in Freeport-McMoRan Inc. $FCX

Concurrent Investment Advisors LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 27.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 232,698 shares of the natural resource company’s stock after buying an additional 50,125 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $14,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after buying an additional 622,343 shares during the last quarter. State Street Corp boosted its holdings in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after acquiring an additional 395,226 shares during the period. Bank of America Corp DE grew its position in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares during the last quarter. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Morgan Stanley increased its stake in Freeport-McMoRan by 10.1% in the 4th quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock worth $1,740,179,000 after purchasing an additional 3,130,046 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In related news, EVP Douglas Currault, II sold 80,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lydia Kennard sold 3,798 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Up 0.1%

Shares of NYSE FCX opened at $72.66 on Friday. The firm has a fifty day simple moving average of $66.40 and a two-hundred day simple moving average of $64.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $104.34 billion, a PE ratio of 35.79, a price-to-earnings-growth ratio of 0.71 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is currently 14.78%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Jefferies Financial Group increased their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Wells Fargo & Company lifted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. HSBC upped their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group cut their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.27.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.