4,908 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,908 shares of the natural resource company’s stock, valued at approximately $239,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. grew its stake in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth about $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. Jones Financial Companies Lllp raised its position in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares in the last quarter. Finally, RFP Financial Group LLC lifted its stake in Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.0 %

Shares of Freeport-McMoRan stock opened at $42.66 on Monday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a market cap of $61.28 billion, a P/E ratio of 37.75, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a fifty day moving average of $44.29 and a two-hundred day moving average of $47.01.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCX. Raymond James cut their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, September 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.