Freeport-McMoRan Inc. $FCX Shares Purchased by Madison Asset Management LLC

Madison Asset Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 137,797 shares of the natural resource company’s stock after purchasing an additional 55,575 shares during the period. Madison Asset Management LLC’s holdings in Freeport-McMoRan were worth $8,666,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Csenge Advisory Group lifted its position in shares of Freeport-McMoRan by 31.8% in the 2nd quarter. Csenge Advisory Group now owns 42,838 shares of the natural resource company’s stock worth $2,694,000 after buying an additional 10,344 shares during the last quarter. Tocqueville Asset Management L.P. raised its stake in Freeport-McMoRan by 5.4% during the second quarter. Tocqueville Asset Management L.P. now owns 1,123,716 shares of the natural resource company’s stock worth $70,670,000 after acquiring an additional 57,190 shares during the period. one8zero8 LLC raised its stake in Freeport-McMoRan by 6.0% during the second quarter. one8zero8 LLC now owns 5,300 shares of the natural resource company’s stock worth $333,000 after acquiring an additional 300 shares during the period. West Family Investments Inc. lifted its holdings in Freeport-McMoRan by 228.4% in the second quarter. West Family Investments Inc. now owns 11,197 shares of the natural resource company’s stock worth $704,000 after acquiring an additional 7,787 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its holdings in Freeport-McMoRan by 16.9% in the second quarter. NewEdge Wealth LLC now owns 53,047 shares of the natural resource company’s stock worth $3,336,000 after acquiring an additional 7,662 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

NYSE FCX opened at $69.02 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. 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 stock has a market cap of $99.12 billion, a price-to-earnings ratio of 34.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.37. The company has a 50-day moving average price of $64.29 and a two-hundred day moving average price of $63.25.

Freeport-McMoRan (NYSE:FCX) last released its quarterly 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 return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. Analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Bank of America raised their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Raymond James Financial lowered their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Finally, BNP Paribas Exane increased their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $70.27.

Insider Activity

In related news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 26,600 shares of company stock valued at $1,802,012 in the last ninety days. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Profile

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.