Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by First National Trust Co

First National Trust Co grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 13.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,091 shares of the natural resource company’s stock after acquiring an additional 729 shares during the quarter. First National Trust Co’s holdings in Freeport-McMoRan were worth $296,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth $26,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth $26,000. RFP Financial Group LLC grew its holdings in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the period. POM Investment Strategies LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth $31,000. Finally, Versant Capital Management Inc grew its holdings in shares of Freeport-McMoRan by 209.9% during the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 445 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the stock from $54.00 to $55.00 in a report on Wednesday. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James lowered their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.41 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a market capitalization of $59.48 billion, a PE ratio of 36.64, a price-to-earnings-growth ratio of 2.08 and a beta of 1.92. The stock’s 50-day simple moving average is $45.33 and its 200-day simple moving average is $46.78.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results 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. 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 last year, the company earned $0.35 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders 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 annualized dividend and a dividend yield of 1.45%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Freeport-McMoRan 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.