Bridges Investment Management Inc. Invests $292,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Bridges Investment Management Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,000 shares of the natural resource company’s stock, valued at approximately $292,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Belpointe Asset Management LLC increased its position in Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after buying an additional 4,703 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Oaktree Capital Management LP boosted its position in Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC raised its position in shares of Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Morgan Stanley decreased 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 issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $44.53 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market capitalization of $63.97 billion, a P/E ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The stock has a fifty day moving average of $43.55 and a 200-day moving average of $47.23.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the company posted $0.35 EPS. On average, 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 declared 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 dividend on an annualized basis 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%.

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.