KKM Financial LLC Has $3.64 Million Stake in Freeport-McMoRan Inc. $FCX

KKM Financial LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 57.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 92,671 shares of the natural resource company’s stock after buying an additional 33,966 shares during the period. KKM Financial LLC’s holdings in Freeport-McMoRan were worth $3,635,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 190.9% in 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 period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Freeport-McMoRan by 89.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after acquiring an additional 8,292,873 shares during the last quarter. Crake Asset Management LLP increased its stake in Freeport-McMoRan by 60.6% in the second quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after purchasing an additional 3,593,050 shares in the last quarter. Voya Investment Management LLC raised its stake in Freeport-McMoRan by 289.0% during the 3rd quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock worth $150,781,000 after buying an additional 2,856,302 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after buying an additional 2,813,845 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on FCX. Bank of America boosted their target price on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, November 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. Wells Fargo & Company raised their target price on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Finally, Citigroup lifted their price target on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $56.33 on Monday. The company has a market capitalization of $80.95 billion, a price-to-earnings ratio of 37.30, a PEG ratio of 0.66 and a beta of 1.41. The stock has a fifty day simple moving average of $61.66 and a 200 day simple moving average of $49.98. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 EPS. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares in the company, valued at $4,816,035. The trade was a 27.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares of the company’s stock, valued at $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock valued at $35,839,918 over the last three months. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

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.