Eleva Capital SAS Raises Holdings in Freeport-McMoRan Inc. $FCX

Eleva Capital SAS increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 638.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,684 shares of the natural resource company’s stock after purchasing an additional 14,426 shares during the quarter. Freeport-McMoRan makes up 1.0% of Eleva Capital SAS’s investment portfolio, making the stock its 19th largest holding. Eleva Capital SAS’s holdings in Freeport-McMoRan were worth $1,168,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its holdings in Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after acquiring an additional 272,726 shares during the period. Franklin Resources Inc. lifted its position in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Freeport-McMoRan by 1.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock worth $627,068,000 after purchasing an additional 141,738 shares during the last quarter. HighTower Advisors LLC boosted its stake in Freeport-McMoRan by 17.1% during the 2nd quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company’s stock valued at $78,604,000 after purchasing an additional 182,714 shares during the period. Finally, Robinhood Asset Management LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at approximately $16,746,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.24 on Tuesday, reaching $72.84. 4,432,220 shares of the stock traded hands, compared to its average volume of 16,320,393. The stock’s 50-day moving average price is $70.95 and its 200-day moving average price is $65.66. 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 firm has a market cap of $104.60 billion, a price-to-earnings ratio of 35.88, a P/E/G ratio of 0.71 and a beta of 1.39. Freeport-McMoRan Inc. has a 12 month low of $38.54 and a 12 month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last issued its 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%.Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the business earned $0.54 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.82 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They issued a “buy” rating for the company. Finally, HSBC raised their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.67.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is currently owned by company insiders.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.