Coldstream Capital Management Inc. Acquires 1,603 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Coldstream Capital Management Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 21,827 shares of the natural resource company’s stock after buying an additional 1,603 shares during the period. Coldstream Capital Management Inc.’s holdings in Freeport-McMoRan were worth $1,061,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCX. International Assets Investment Management LLC increased its stake in shares of Freeport-McMoRan by 16.5% in the 4th 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 during the period. Cary Street Partners Investment Advisory LLC increased its stake in shares of Freeport-McMoRan by 855.7% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 6,164 shares of the natural resource company’s stock valued at $257,000 after buying an additional 5,519 shares during the period. Jump Financial LLC increased its stake in shares of Freeport-McMoRan by 318.8% in the 4th quarter. Jump Financial LLC now owns 28,464 shares of the natural resource company’s stock valued at $1,212,000 after buying an additional 21,668 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Freeport-McMoRan by 7.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 63,850 shares of the natural resource company’s stock worth $2,718,000 after purchasing an additional 4,219 shares during the period. Finally, Avantax Advisory Services Inc. grew its stake in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 44,595 shares of the natural resource company’s stock worth $1,898,000 after purchasing an additional 443 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX opened at $41.30 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The firm has a market capitalization of $59.33 billion, a PE ratio of 36.55, a PEG ratio of 1.88 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The business’s 50-day simple moving average is $44.64 and its 200 day simple moving average is $46.89.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.45%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analysts Set New Price Targets

A number of brokerages recently commented on FCX. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday. Raymond James decreased their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Scotiabank decreased their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.07.

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.