Private Advisor Group LLC Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Private Advisor Group LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,473 shares of the natural resource company’s stock after purchasing an additional 2,805 shares during the period. Private Advisor Group LLC’s holdings in Freeport-McMoRan were worth $3,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Belpointe Asset Management LLC increased its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after buying an additional 4,703 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the period. Oaktree Capital Management LP grew its position in shares of Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares in the last quarter. Norden Group LLC raised its stake in Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FCX. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five investment 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of FCX stock opened at $41.30 on Thursday. The company has a market cap of $59.33 billion, a PE ratio of 36.55, a price-to-earnings-growth ratio of 1.88 and a beta of 1.89. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The stock’s 50 day simple moving average is $44.64 and its two-hundred day simple moving average is $46.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released 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 firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. 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 (DPR) is presently 26.55%.

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.