Thornburg Investment Management expands its Freeport-McMoRan position
Thornburg Investment Management Inc. raised its stake in Freeport-McMoRan Inc. (NYSE: FCX) by 16.5% during the second quarter, acquiring an additional 468,594 shares to bring its total to 3,304,828 shares valued at roughly $207.84 million. The position represents about 0.23% of the company and 2.0% of Thornburg's investment portfolio, making FCX its 13th-largest holding.
Wellington Management Group lifts its Freeport-McMoRan stake
Wellington Management Group LLP grew its FCX holdings by 13.8% in the same quarter, adding 1,810,698 shares to finish with 14,918,066 shares. The position was worth about $938.2 million at quarter-end, equal to roughly 1.04% of Freeport-McMoRan.
Flputnam Investment Management trims its position
Flputnam Investment Management Co. reduced its Freeport-McMoRan holding by 6.3% in the second quarter, selling 10,055 shares to leave 150,592 shares valued at approximately $9.47 million. Several other smaller managers reported new or adjusted stakes, including Strategic Investment Solutions, Steph & Co., Cassaday & Co Wealth Management, Kemnay Advisory Services, and SHP Wealth Management.
Insider selling and broader ownership picture
Two Freeport-McMoRan executives disclosed share sales during August. CAO Ellie L. Mikes sold 4,773 shares on Aug. 5 at an average price of $70.00, while EVP Douglas N. Currault II sold 80,000 shares on Aug. 25 at $78.56. Insiders sold a combined 110,398 shares worth about $8.39 million over the last three months, and insiders own 0.73% of the stock. Institutional investors and hedge funds collectively own 80.77% of FCX.
Share price and trading metrics
FCX opened at $76.54 on Friday, giving Freeport-McMoRan a market capitalization of $109.91 billion, a P/E ratio of 37.70, a P/E/G ratio of 0.76, and a beta of 1.37. The 50-day simple moving average stood at $65.46 and the 200-day average at $64.02, with a 12-month range of $35.15 to $80.24.
Earnings backdrop and dividend
Freeport-McMoRan last reported quarterly results on July 23, posting EPS of $0.74 and revenue of $7.03 billion, ahead of consensus estimates of $0.62 and $6.62 billion, with revenue down 7.3% year over year. The company paid a $0.075 quarterly dividend on Aug. 3 to holders of record on July 15, equating to a $0.30 annualized dividend and a 0.4% yield. Analysts expect $2.79 in EPS for the current fiscal year.
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