Goehring & Rozencwajg Associates LLC Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Goehring & Rozencwajg Associates LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,185 shares of the natural resource company’s stock after purchasing an additional 21,700 shares during the period. Freeport-McMoRan makes up 2.1% of Goehring & Rozencwajg Associates LLC’s investment portfolio, making the stock its 15th largest holding. Goehring & Rozencwajg Associates LLC’s holdings in Freeport-McMoRan were worth $10,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Tompkins Financial Corp increased its holdings in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after buying an additional 203 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after buying an additional 207 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after buying an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. increased its holdings in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after buying an additional 221 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $43.92 on Thursday. 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 Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The stock’s 50 day simple moving average is $43.82 and its two-hundred day simple moving average is $47.06. The company has a market cap 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 (NYSE:FCX) last released its quarterly earnings data 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 the consensus estimate of $6 billion. During the same quarter in the previous year, the company posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCX. Deutsche Bank Aktiengesellschaft upped their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Raymond James dropped their price objective 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, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

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.