GAMMA Investing LLC Buys 4,846 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

GAMMA Investing LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 44.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,805 shares of the natural resource company’s stock after acquiring an additional 4,846 shares during the quarter. GAMMA Investing LLC’s holdings in Freeport-McMoRan were worth $768,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Research Global Investors raised its holdings in Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Capital International Investors bought a new position in Freeport-McMoRan in the 1st quarter valued at approximately $417,752,000. Boston Partners raised its holdings in Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after buying an additional 5,311,538 shares during the last quarter. Capital World Investors raised its holdings in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Finally, Asia Research & Capital Management Ltd bought a new position in Freeport-McMoRan in the 1st quarter valued at approximately $197,966,000. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James lowered their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Argus raised their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Trading Down 3.2 %

Shares of NYSE FCX traded down $1.36 during trading hours on Monday, hitting $40.61. 17,986,465 shares of the company traded hands, compared to its average volume of 13,711,743. The stock has a market capitalization of $58.34 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth 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 company’s 50 day moving average price is $48.80 and its 200 day moving average price is $46.22. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 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 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 the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 EPS. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

About Freeport-McMoRan

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.