DRW Securities LLC Buys Shares of 17,184 Freeport-McMoRan Inc. (NYSE:FCX)

DRW Securities LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,184 shares of the natural resource company’s stock, valued at approximately $834,000.

Several other large investors have also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the second quarter worth about $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $26,000. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $26,000. Finally, Jones Financial Companies Lllp lifted its stake in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of analyst reports. Scotiabank dropped their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. 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. Morgan Stanley lowered their price target 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. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Finally, Raymond James decreased their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $52.79.

Freeport-McMoRan Stock Down 1.4 %

NYSE:FCX opened at $44.53 on Monday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock’s fifty day moving average is $43.55 and its two-hundred day moving average is $47.23. The stock has a market capitalization 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 (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is 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.