Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Versant Capital Management Inc

Versant Capital Management Inc grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 209.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 657 shares of the natural resource company’s stock after buying an additional 445 shares during the period. Versant Capital Management Inc’s holdings in Freeport-McMoRan were worth $32,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FCX. Trust Point Inc. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $351,000. International Assets Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 4,857.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after buying an additional 1,297,737 shares during the last quarter. Sowell Financial Services LLC raised its holdings in shares of Freeport-McMoRan by 21.1% during the fourth quarter. Sowell Financial Services LLC now owns 14,440 shares of the natural resource company’s stock valued at $615,000 after buying an additional 2,516 shares during the last quarter. Fulton Bank N.A. raised its holdings in shares of Freeport-McMoRan by 2.6% during the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after buying an additional 267 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Freeport-McMoRan by 47.7% during the fourth quarter. Allworth Financial LP now owns 4,318 shares of the natural resource company’s stock worth $184,000 after purchasing an additional 1,394 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.20 on Wednesday, reaching $41.24. 3,592,249 shares of the stock were exchanged, compared to its average volume of 13,681,076. The firm has a fifty day moving average price of $48.33 and a two-hundred day moving average price of $46.26. The stock has a market cap of $59.24 billion, a PE ratio of 36.31, 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. 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 for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the business posted $0.35 earnings per share. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. Sell-side 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. Investors of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCX. Deutsche Bank Aktiengesellschaft upped their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Bernstein Bank lifted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.79% of the company’s stock.

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.