Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by First City Capital Management Inc.

First City Capital Management Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,896 shares of the natural resource company’s stock after acquiring an additional 1,790 shares during the period. First City Capital Management Inc.’s holdings in Freeport-McMoRan were worth $870,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of FCX. Itau Unibanco Holding S.A. acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $2,770,000. Mount Yale Investment Advisors LLC raised its holdings in Freeport-McMoRan by 82.7% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,775 shares of the natural resource company’s stock worth $524,000 after purchasing an additional 4,878 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $547,000. ProShare Advisors LLC lifted its position in shares of Freeport-McMoRan by 4.5% during the 2nd quarter. ProShare Advisors LLC now owns 238,185 shares of the natural resource company’s stock valued at $11,576,000 after buying an additional 10,276 shares in the last quarter. Finally, Alaethes Wealth LLC increased its holdings in Freeport-McMoRan by 1.5% in the 2nd quarter. Alaethes Wealth LLC now owns 34,400 shares of the natural resource company’s stock worth $1,672,000 after acquiring an additional 493 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $44.53 on Friday. The company has a market cap of $63.97 billion, a price-to-earnings ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a fifty day simple moving average of $43.55 and a two-hundred day simple moving average of $47.16.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the company earned $0.35 earnings per share. Freeport-McMoRan’s quarterly 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 firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FCX. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James lowered their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.79.

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.