Trilogy Capital Inc. Takes $1.24 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Trilogy Capital Inc. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, Holdings Channel reports. The fund bought 26,343 shares of the natural resource company’s stock, valued at approximately $1,239,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $345,000. Mutual Advisors LLC boosted its stake in shares of Freeport-McMoRan by 25.8% in the third quarter. Mutual Advisors LLC now owns 10,887 shares of the natural resource company’s stock worth $406,000 after acquiring an additional 2,231 shares during the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $257,000. Gotham Asset Management LLC increased its position in shares of Freeport-McMoRan by 13.1% during the third quarter. Gotham Asset Management LLC now owns 128,178 shares of the natural resource company’s stock worth $4,780,000 after purchasing an additional 14,860 shares in the last quarter. Finally, United Services Automobile Association lifted its holdings in Freeport-McMoRan by 8.8% in the 3rd quarter. United Services Automobile Association now owns 39,207 shares of the natural resource company’s stock valued at $1,462,000 after purchasing an additional 3,159 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $48.60 on Monday. The firm has a 50-day simple moving average of $50.58 and a two-hundred day simple moving average of $45.17. The stock has a market cap of $69.81 billion, a PE ratio of 43.01, a P/E/G ratio of 2.00 and a beta of 1.96. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

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

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Argus upped their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 in the last three months. 0.79% of the stock is owned by company insiders.

About Freeport-McMoRan

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.