46,427 Shares in Freeport-McMoRan Inc. $FCX Purchased by TKG Advisors LLC

by · The Markets Daily

TKG Advisors LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the 1st quarter, Holdings Channel.com reports. The firm acquired 46,427 shares of the natural resource company’s stock, valued at approximately $2,729,000. Freeport-McMoRan accounts for about 1.1% of TKG Advisors LLC’s holdings, making the stock its 28th biggest position.

A number of other large investors also recently added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after buying an additional 1,572,769 shares during the period. Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after acquiring an additional 622,343 shares during the period. State Street Corp grew its holdings in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after acquiring an additional 395,226 shares during the period. Franklin Resources Inc. grew its holdings in 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 acquiring an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX opened at $60.55 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a fifty day simple moving average of $64.14 and a 200 day simple moving average of $61.15. The stock has a market cap of $87.04 billion, a P/E ratio of 32.21, a P/E/G ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCX. The Goldman Sachs Group increased their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company dropped their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. BNP Paribas Exane increased their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. UBS Group raised their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Citigroup decreased their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $68.36.

Read Our Latest Analysis on FCX

Freeport-McMoRan Company Profile

(Free Report)

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.

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