Legacy Financial Advisors Inc. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Legacy Financial Advisors Inc. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 5,007 shares of the natural resource company’s stock, valued at approximately $243,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Capital Research Global Investors raised its holdings in shares of Freeport-McMoRan by 22.0% in the 1st 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 in the last quarter. Capital International Investors acquired a new position in Freeport-McMoRan during the first quarter worth $417,752,000. Capital World Investors lifted its holdings in shares of Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $197,966,000. Finally, Swedbank AB bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $162,464,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James reduced 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Trading Down 1.4 %

NYSE:FCX opened at $44.53 on Friday. The business’s 50-day simple moving average is $43.55 and its 200-day simple moving average is $47.16. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two 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. The stock has a market capitalization of $63.97 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced 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. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.