Csenge Advisory Group Boosts Stock Position in Freeport-McMoRan Inc. $FCX

Csenge Advisory Group increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,838 shares of the natural resource company’s stock after purchasing an additional 10,344 shares during the quarter. Csenge Advisory Group’s holdings in Freeport-McMoRan were worth $2,694,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCX. Sanford C. Bernstein raised their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 31st. Bank of America lifted their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company boosted their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. One 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Stock Up 4.1%

Shares of NYSE FCX opened at $69.02 on Thursday. The firm 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’s 50-day simple moving average is $64.29 and its 200-day simple moving average is $63.25. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. Equities analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Insider Activity

In other Freeport-McMoRan 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 transaction, 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 filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,600 shares of company stock worth $1,802,012 over the last quarter. 0.73% of the stock is currently owned by company insiders.

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.