Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by &Partners

&Partners increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 101.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,428 shares of the natural resource company’s stock after purchasing an additional 4,745 shares during the quarter. &Partners’ holdings in Freeport-McMoRan were worth $458,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. International Assets Investment Management LLC grew its stake in Freeport-McMoRan by 16.5% during the 4th quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock worth $1,324,000 after purchasing an additional 4,397 shares in the last quarter. CWM LLC boosted its position in shares of Freeport-McMoRan by 6.3% during the 4th quarter. CWM LLC now owns 37,394 shares of the natural resource company’s stock worth $1,592,000 after acquiring an additional 2,220 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in shares of Freeport-McMoRan by 7.1% during the 4th quarter. Atria Wealth Solutions Inc. now owns 60,435 shares of the natural resource company’s stock worth $2,573,000 after acquiring an additional 3,981 shares in the last quarter. Syon Capital LLC boosted its position in shares of Freeport-McMoRan by 33.2% during the 4th quarter. Syon Capital LLC now owns 11,289 shares of the natural resource company’s stock worth $481,000 after acquiring an additional 2,815 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Freeport-McMoRan by 94.4% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,000 shares of the natural resource company’s stock worth $170,000 after acquiring an additional 1,942 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $44.66 on Friday. 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 company has a market cap of $64.15 billion, a PE ratio of 39.52, a P/E/G ratio of 2.07 and a beta of 1.92. The stock has a fifty day moving average price of $46.30 and a 200 day moving average price of $46.49. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued 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 business 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 business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FCX. UBS Group upped their price objective on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Raymond James lowered their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Scotiabank lowered their price objective on 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. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.