Oakbrook Investments LLC Acquires 49,400 Shares of Freeport-McMoRan Inc (FCX)

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Oakbrook Investments LLC raised its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 44.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 161,430 shares of the natural resource company’s stock after buying an additional 49,400 shares during the period. Oakbrook Investments LLC’s holdings in Freeport-McMoRan were worth $2,247,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $145,000. St. Johns Investment Management Company LLC lifted its position in shares of Freeport-McMoRan by 243.2% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock worth $150,000 after purchasing an additional 6,140 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Freeport-McMoRan by 165.5% during the 2nd quarter. Parallel Advisors LLC now owns 9,015 shares of the natural resource company’s stock worth $155,000 after purchasing an additional 5,619 shares during the last quarter. Private Trust Co. NA purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $172,000. Finally, Confluence Investment Management LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $175,000. 71.77% of the stock is owned by institutional investors.

Shares of NYSE:FCX opened at $12.02 on Friday. Freeport-McMoRan Inc has a 12 month low of $11.94 and a 12 month high of $20.25. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.87. The firm has a market cap of $17.59 billion, a P/E ratio of 6.42 and a beta of 2.48.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.97 billion. During the same period last year, the business earned $0.17 EPS. Freeport-McMoRan’s revenue for the quarter was up 39.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc will post 1.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, October 12th. This represents a $0.20 annualized dividend and a yield of 1.66%. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.

Several equities research analysts have recently issued reports on the stock. B. Riley decreased their price objective on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 19th. Clarkson Capital cut shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research report on Tuesday, September 11th. Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, June 29th. Zacks Investment Research raised shares of Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Finally, ValuEngine raised shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $17.33.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

See Also: Hedge Funds – How They Work For Investors

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

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