Breakwater Capital Group Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Breakwater Capital Group grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,901 shares of the natural resource company’s stock after buying an additional 744 shares during the quarter. Breakwater Capital Group’s holdings in Freeport-McMoRan were worth $513,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $27,000. Jones Financial Companies Lllp increased its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. American National Bank increased its position in Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after purchasing an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $32,000. Finally, Tompkins Financial Corp increased its position in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. In the last quarter, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FCX. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Bernstein Bank raised their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. HSBC raised their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Finally, Scotiabank raised their price target on Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Price Performance

FCX stock opened at $48.60 on Monday. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The stock’s 50 day moving average is $50.58 and its two-hundred day moving average is $45.17. The company has a market capitalization of $69.81 billion, a PE ratio of 43.01, a P/E/G ratio of 1.99 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.23%. Freeport-McMoRan’s payout ratio is 26.55%.

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.