Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Beck Capital Management LLC

Beck Capital Management LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,902 shares of the natural resource company’s stock after acquiring an additional 5,312 shares during the period. Beck Capital Management LLC’s holdings in Freeport-McMoRan were worth $2,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in FCX. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. increased its stake 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 valued at $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at about $26,000. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $26,000. Finally, RFP Financial Group LLC grew its holdings in shares of Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after buying an additional 426 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. Raymond James reduced their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley dropped their price objective 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. Scotiabank reduced their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. 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. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $52.79.

Freeport-McMoRan Stock Performance

FCX opened at $44.53 on Monday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a market cap of $63.97 billion, a P/E ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89. The stock’s 50 day simple moving average is $43.55 and its 200 day simple moving average is $47.23. 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 (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The company 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.