Oak Grove Capital LLC Sells 3,500 Shares of Freeport-McMoRan Inc. $FCX

Oak Grove Capital LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,800 shares of the natural resource company’s stock after selling 3,500 shares during the period. Oak Grove Capital LLC’s holdings in Freeport-McMoRan were worth $598,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth $366,959,000. Amundi increased its holdings in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP increased its holdings in shares of Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.34 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21. The stock has a market cap of $59.36 billion, a price-to-earnings ratio of 29.12, a PEG ratio of 0.95 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm’s 50-day simple moving average is $42.55 and its 200 day simple moving average is $41.10.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, October 8th. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Scotiabank upped their price target on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 14th. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein cut their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $46.92.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.