Newbridge Financial Services Group Inc. Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Newbridge Financial Services Group Inc. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,286 shares of the natural resource company’s stock after purchasing an additional 551 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $160,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its position in shares of 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 acquiring an additional 532 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $214,000. Rafferty Asset Management LLC raised its holdings in Freeport-McMoRan by 5.0% in the fourth quarter. Rafferty Asset Management LLC now owns 122,378 shares of the natural resource company’s stock valued at $5,210,000 after acquiring an additional 5,773 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in Freeport-McMoRan by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 30,817 shares of the natural resource company’s stock worth $1,312,000 after acquiring an additional 410 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, Scotiabank downgraded shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research report on Monday. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Stock Up 0.9 %

Shares of Freeport-McMoRan stock opened at $50.82 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a market capitalization of $73.00 billion, a P/E ratio of 44.97, a PEG ratio of 2.89 and a beta of 1.89. The business’s fifty day moving average price is $43.83 and its two-hundred day moving average price is $47.61. 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 posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. Freeport-McMoRan’s dividend payout ratio 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.