Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by King Luther Capital Management Corp

King Luther Capital Management Corp increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,980 shares of the natural resource company’s stock after purchasing an additional 2,300 shares during the quarter. King Luther Capital Management Corp’s holdings in Freeport-McMoRan were worth $971,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Assetmark Inc. increased its position in shares of Freeport-McMoRan by 71.3% in the fourth quarter. Assetmark Inc. now owns 1,555 shares of the natural resource company’s stock worth $66,000 after acquiring an additional 647 shares in the last quarter. US Bancorp DE raised its position in Freeport-McMoRan by 15.8% in the fourth quarter. US Bancorp DE now owns 178,251 shares of the natural resource company’s stock valued at $7,588,000 after purchasing an additional 24,282 shares during the period. Orion Portfolio Solutions LLC lifted its stake in shares of Freeport-McMoRan by 8.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 26,699 shares of the natural resource company’s stock worth $1,127,000 after purchasing an additional 2,150 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $691,000. Finally, Parallel Advisors LLC raised its stake in shares of Freeport-McMoRan by 5.3% during the fourth quarter. Parallel Advisors LLC now owns 63,722 shares of the natural resource company’s stock valued at $2,713,000 after purchasing an additional 3,204 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FCX. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Finally, Raymond James dropped their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Four investment 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $44.53 on Monday. 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 12 month low of $32.83 and a 12 month high of $55.24. The company has a fifty day moving average price of $43.55 and a two-hundred day moving average price of $47.23. The company has a market cap of $63.97 billion, a PE ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 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 analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend 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.