Alaethes Wealth LLC Has $1.67 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Alaethes Wealth LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,400 shares of the natural resource company’s stock after acquiring an additional 493 shares during the quarter. Alaethes Wealth LLC’s holdings in Freeport-McMoRan were worth $1,672,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Belpointe Asset Management LLC lifted its stake in Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after buying an additional 4,703 shares during the period. Fisher Asset Management LLC boosted its stake in 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 acquiring an additional 976,592 shares during the last quarter. Oaktree Capital Management LP grew its holdings in Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC increased its stake in Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.0% during the first 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 in the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FCX. Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Morgan Stanley cut their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Scotiabank lowered their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Raymond James cut their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Stock Down 1.4 %

Shares of FCX stock opened at $44.51 on Friday. 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 quick ratio of 1.34 and a current ratio of 2.40. The stock has a market cap of $63.94 billion, a price-to-earnings ratio of 39.39, a PEG ratio of 1.94 and a beta of 1.89. The firm’s 50-day moving average is $43.55 and its 200-day moving average is $47.09.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders 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 dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Freeport-McMoRan Company 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.