Blair William & Co. IL Raises Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Blair William & Co. IL lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 30.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,394 shares of the natural resource company’s stock after purchasing an additional 18,461 shares during the period. Blair William & Co. IL’s holdings in Freeport-McMoRan were worth $3,859,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of FCX. Vanguard Personalized Indexing Management LLC boosted its position in Freeport-McMoRan by 18.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 114,262 shares of the natural resource company’s stock valued at $5,544,000 after acquiring an additional 18,114 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Freeport-McMoRan by 171.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 73,379 shares of the natural resource company’s stock valued at $3,566,000 after purchasing an additional 46,351 shares in the last quarter. Argent Trust Co lifted its holdings in shares of Freeport-McMoRan by 8.2% during the second quarter. Argent Trust Co now owns 39,937 shares of the natural resource company’s stock valued at $1,941,000 after purchasing an additional 3,031 shares during the last quarter. True Vision MN LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $462,000. Finally, Bradley Foster & Sargent Inc. CT grew its stake in shares of Freeport-McMoRan by 15.3% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 41,242 shares of the natural resource company’s stock worth $2,004,000 after buying an additional 5,478 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.4 %

NYSE:FCX opened at $44.53 on Friday. The firm 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 debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The business has a fifty day moving average price of $43.55 and a 200-day moving average price of $47.16. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.15 dividend. The ex-dividend date 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 currently 26.55%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Morgan Stanley dropped 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 note on Thursday. Raymond James reduced their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Finally, Scotiabank reduced their price target on shares of 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. Four research 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. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $52.79.

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.