Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Vanguard Personalized Indexing Management LLC

Vanguard Personalized Indexing Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 18.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,262 shares of the natural resource company’s stock after acquiring an additional 18,114 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Freeport-McMoRan were worth $5,544,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FCX. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Freeport-McMoRan by 171.5% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 73,379 shares of the natural resource company’s stock worth $3,566,000 after purchasing an additional 46,351 shares during the last quarter. Argent Trust Co grew its stake in Freeport-McMoRan by 8.2% during the 2nd quarter. Argent Trust Co now owns 39,937 shares of the natural resource company’s stock worth $1,941,000 after buying an additional 3,031 shares during the last quarter. True Vision MN LLC acquired a new stake in Freeport-McMoRan in the second quarter worth $462,000. Bradley Foster & Sargent Inc. CT lifted its stake in Freeport-McMoRan by 15.3% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 41,242 shares of the natural resource company’s stock valued at $2,004,000 after buying an additional 5,478 shares during the last quarter. Finally, Axxcess Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 68.2% during the second quarter. Axxcess Wealth Management LLC now owns 31,960 shares of the natural resource company’s stock valued at $1,553,000 after acquiring an additional 12,958 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FCX shares. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James decreased their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Finally, StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $43.92 on Thursday. The company has a market capitalization of $63.09 billion, a price-to-earnings ratio of 38.87, a PEG ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $43.97 and a two-hundred day moving average of $47.09.

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

Freeport-McMoRan Announces Dividend

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

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.