Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by ProShare Advisors LLC

ProShare Advisors LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 238,185 shares of the natural resource company’s stock after purchasing an additional 10,276 shares during the period. ProShare Advisors LLC’s holdings in Freeport-McMoRan were worth $11,576,000 at the end of the most recent quarter.

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

Freeport-McMoRan Stock Performance

Shares of FCX opened at $45.14 on Tuesday. 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 one year low of $32.83 and a one year high of $55.24. The company’s fifty day moving average price is $43.45 and its 200 day moving average price is $47.26. The company has a market capitalization of $64.84 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 EPS. As a group, 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. Investors of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.33%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Scotiabank cut their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, Raymond James raised their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday. 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

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.