Resonant Capital Advisors LLC Buys 526 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Resonant Capital Advisors LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,826 shares of the natural resource company’s stock after purchasing an additional 526 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $332,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital Research Global Investors grew its holdings in 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 in the last quarter. Capital International Investors purchased a new position in Freeport-McMoRan during the first quarter valued at approximately $417,752,000. Boston Partners increased its holdings in Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the period. Capital World Investors lifted its stake in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Finally, Asia Research & Capital Management Ltd bought a new position in Freeport-McMoRan in the 1st quarter valued at $197,966,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 1.0 %

NYSE FCX opened at $44.28 on Tuesday. The firm has a market cap of $63.61 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 2.08 and a beta of 1.92. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a 50-day moving average of $45.80 and a 200-day moving average of $46.84. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. 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 analyst estimates of $6 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft upped their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Scotiabank lowered their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.