414,467 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by LifePro Asset Management

LifePro Asset Management purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, Holdings Channel reports. The firm purchased 414,467 shares of the natural resource company’s stock, valued at approximately $15,381,000. Freeport-McMoRan makes up approximately 4.6% of LifePro Asset Management’s holdings, making the stock its 5th biggest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Envestnet Asset Management Inc. lifted its stake in Freeport-McMoRan by 14.3% during the first quarter. Envestnet Asset Management Inc. now owns 532,458 shares of the natural resource company’s stock worth $17,534,000 after purchasing an additional 66,501 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Freeport-McMoRan by 430.8% during the first quarter. Los Angeles Capital Management LLC now owns 46,549 shares of the natural resource company’s stock worth $1,533,000 after purchasing an additional 37,780 shares during the last quarter. Glassman Wealth Services lifted its stake in Freeport-McMoRan by 170.3% during the first quarter. Glassman Wealth Services now owns 1,238 shares of the natural resource company’s stock worth $41,000 after purchasing an additional 780 shares during the last quarter. Commerce Bank lifted its stake in shares of Freeport-McMoRan by 1.8% in the 1st quarter. Commerce Bank now owns 29,633 shares of the natural resource company’s stock valued at $976,000 after acquiring an additional 519 shares during the last quarter. Finally, Shikiar Asset Management Inc. lifted its stake in shares of Freeport-McMoRan by 4.2% in the 1st quarter. Shikiar Asset Management Inc. now owns 146,525 shares of the natural resource company’s stock valued at $4,825,000 after acquiring an additional 5,920 shares during the last quarter. Hedge funds and other institutional investors own 76.90% of the company’s stock.

Freeport-McMoRan stock traded up $1.60 during trading hours on Wednesday, reaching $36.39. 765,417 shares of the company’s stock were exchanged, compared to its average volume of 22,468,664. The company has a quick ratio of 1.52, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm’s 50 day simple moving average is $35.69 and its 200 day simple moving average is $36.99. Freeport-McMoRan Inc. has a twelve month low of $14.67 and a twelve month high of $46.10. The firm has a market capitalization of $53.42 billion, a PE ratio of 18.46 and a beta of 2.08.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. Freeport-McMoRan had a return on equity of 15.07% and a net margin of 14.98%. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.83 billion. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 88.2% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.96 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 2nd. Shareholders of record on Thursday, July 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 14th. This represents a $0.30 dividend on an annualized basis and a yield of 0.82%. Freeport-McMoRan’s payout ratio is currently 55.56%.

A number of brokerages have recently commented on FCX. Zacks Investment Research cut Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price target for the company. in a research note on Thursday, August 26th. Exane BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating in a research note on Friday, June 4th. Barclays cut Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a research note on Thursday, July 8th. BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $40.30 price target for the company. in a research note on Friday, June 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Freeport-McMoRan from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, July 23rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Hold” and an average target price of $38.79.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

Recommended Story: How does the Beige Book influence monetary policy?

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX).

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.