Edgestream Partners L.P. Buys 21,270 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Edgestream Partners L.P. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 52,580 shares of the natural resource company’s stock after acquiring an additional 21,270 shares during the quarter. Edgestream Partners L.P.’s holdings in Freeport-McMoRan were worth $2,555,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in FCX. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after buying an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after buying an additional 2,392,800 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8 %

Shares of Freeport-McMoRan stock opened at $43.92 on Thursday. The company’s fifty day moving average price is $43.97 and its two-hundred day moving average price is $47.09. The firm has a market capitalization of $63.09 billion, a PE ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

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. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.35 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.