DRW Securities LLC Makes New $834,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

DRW Securities LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,184 shares of the natural resource company’s stock, valued at approximately $834,000.

A number of other large investors have also recently made changes to their positions in FCX. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. Finally, Jones Financial Companies Lllp lifted its stake in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCX. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.79.

Freeport-McMoRan Stock Down 1.4 %

Shares of Freeport-McMoRan stock opened at $44.53 on Monday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a market cap of $63.97 billion, a P/E ratio of 39.41, a PEG ratio of 1.94 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 firm has a fifty day moving average of $43.55 and a two-hundred day moving average of $47.23.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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 net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. 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.