Oak Grove Capital LLC Sells 3,500 Shares of Freeport-McMoRan Inc. $FCX

Oak Grove Capital LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,800 shares of the natural resource company’s stock after selling 3,500 shares during the period. Oak Grove Capital LLC’s holdings in Freeport-McMoRan were worth $598,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of FCX. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares during the period. CKW Financial Group bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $40,000. Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $42,000. Finally, Hilltop National Bank bought a new position in Freeport-McMoRan in the 2nd quarter valued at $43,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target for the company. Johnson Rice cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. HSBC raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the company from $43.00 to $50.00 in a report on Friday, October 17th. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Clarkson Capital reaffirmed a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.92.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.34 on Monday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock has a market cap of $59.36 billion, a PE ratio of 29.12, a PEG ratio of 0.95 and a beta of 1.58. The company’s fifty day moving average is $42.55 and its 200 day moving average is $41.10. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.21.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Freeport-McMoRan 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.