Magnolia Capital Advisors LLC Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Magnolia Capital Advisors LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 39.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,504 shares of the natural resource company’s stock after purchasing an additional 2,400 shares during the period. Magnolia Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $413,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FCX. Capital Research Global Investors lifted its holdings in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $417,752,000. Capital World Investors lifted its holdings in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $197,966,000. Finally, Swedbank AB bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at $162,464,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FCX shares. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank cut Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 target price on the stock. in a report on Monday. Finally, Raymond James raised their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Trading Down 2.8 %

FCX opened at $49.92 on Tuesday. The firm has a market cap of $71.71 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average of $43.72 and a 200 day moving average of $47.57.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during 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%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.60%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.