Summit Trail Advisors LLC Grows Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Summit Trail Advisors LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,028 shares of the natural resource company’s stock after purchasing an additional 3,030 shares during the period. Summit Trail Advisors LLC’s holdings in Freeport-McMoRan were worth $439,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $25,000. Hazlett Burt & Watson Inc. boosted its position in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, RFP Financial Group LLC raised its position in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 426 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.4 %

Shares of FCX opened at $45.14 on Tuesday. The firm has a 50 day simple moving average of $43.45 and a 200-day simple moving average of $47.26. 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 $64.84 billion, a price-to-earnings ratio of 39.95, 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.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCX. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Raymond James boosted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Monday. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

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.