Bradley Foster & Sargent Inc. CT Grows Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Bradley Foster & Sargent Inc. CT boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,242 shares of the natural resource company’s stock after purchasing an additional 5,478 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Freeport-McMoRan were worth $2,004,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.0% during 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 during the period. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 22.0% in 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 acquiring an additional 13,143,562 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after acquiring an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after acquiring an additional 1,551,828 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FCX shares. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James cut their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Scotiabank dropped their target price on 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. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $43.92 on Thursday. The stock has a market cap of $63.09 billion, a PE ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The business has a 50-day simple moving average of $43.97 and a 200-day simple moving average of $47.09. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The business 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 company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed 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 of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.