Financial Counselors Inc. Has $320,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Financial Counselors Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 6,576 shares of the natural resource company’s stock after acquiring an additional 366 shares during the quarter. Financial Counselors Inc.’s holdings in Freeport-McMoRan were worth $320,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. International Assets Investment Management LLC raised its position in shares of Freeport-McMoRan by 16.5% in the fourth quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock valued at $1,324,000 after buying an additional 4,397 shares in the last quarter. Sapient Capital LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $200,000. Wealthcare Advisory Partners LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $262,000. Apollon Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 99.5% during the 4th quarter. Apollon Wealth Management LLC now owns 31,745 shares of the natural resource company’s stock worth $1,351,000 after purchasing an additional 15,832 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $218,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a research report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised 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. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.61 on Thursday. The firm has a market cap of $59.77 billion, a PE ratio of 36.82, a price-to-earnings-growth ratio of 2.08 and a beta of 1.92. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm’s fifty day moving average is $45.47 and its 200-day moving average is $46.82. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.44%. 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.