Freeport-McMoRan Inc. $FCX Shares Bought by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,123,716 shares of the natural resource company’s stock after purchasing an additional 57,190 shares during the quarter. Freeport-McMoRan makes up 0.9% of Tocqueville Asset Management L.P.’s holdings, making the stock its 25th biggest position. Tocqueville Asset Management L.P.’s holdings in Freeport-McMoRan were worth $70,670,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FCX. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter valued at about $25,000. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $69.02 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The business has a 50 day simple moving average of $64.29 and a 200-day simple moving average of $63.25. The firm has a market capitalization of $99.12 billion, a PE ratio of 34.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.37. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping 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 firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the business posted $0.54 earnings per share. The firm’s revenue was down 7.3% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCX. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Scotiabank raised their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. The Goldman Sachs Group lowered their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Finally, Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 4,773 shares of the business’s 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 transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $992,251.50. Following the completion of the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,600 shares of company stock valued at $1,802,012 over 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.