QRG Capital Management Inc. Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

QRG Capital Management Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,208 shares of the natural resource company’s stock after acquiring an additional 17,585 shares during the quarter. QRG Capital Management Inc.’s holdings in Freeport-McMoRan were worth $9,293,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its position in shares of Freeport-McMoRan by 47.7% in the fourth quarter. Allworth Financial LP now owns 4,318 shares of the natural resource company’s stock valued at $184,000 after buying an additional 1,394 shares during the last quarter. Valley National Advisers Inc. boosted its holdings in Freeport-McMoRan by 63.1% in the fourth quarter. Valley National Advisers Inc. now owns 1,140 shares of the natural resource company’s stock valued at $48,000 after purchasing an additional 441 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Freeport-McMoRan by 16.5% in the fourth quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock valued at $1,324,000 after acquiring an additional 4,397 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at $108,000. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 18.3% in the fourth quarter. Sequoia Financial Advisors LLC now owns 383,653 shares of the natural resource company’s stock valued at $16,332,000 after acquiring an additional 59,449 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.0 %

NYSE:FCX traded up $0.01 during mid-day trading on Friday, hitting $41.05. The stock had a trading volume of 9,181,998 shares, compared to its average volume of 13,702,303. The company has a market capitalization of $58.97 billion, a PE ratio of 36.33, a PEG ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $47.61 and a two-hundred day simple moving average of $46.26. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Insider Activity

In related news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Scotiabank decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research note on Wednesday, July 24th. Finally, HSBC raised their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Company 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.