Oxbow Advisors LLC Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Oxbow Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 9.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,168 shares of the natural resource company’s stock after acquiring an additional 631 shares during the period. Oxbow Advisors LLC’s holdings in Freeport-McMoRan were worth $348,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of FCX. Los Angeles Capital Management LLC boosted its holdings in shares of Freeport-McMoRan by 1,611.2% in the second quarter. Los Angeles Capital Management LLC now owns 532,582 shares of the natural resource company’s stock valued at $25,883,000 after acquiring an additional 501,458 shares during the period. Lake Street Advisors Group LLC raised its position in Freeport-McMoRan by 10.0% in the 2nd quarter. Lake Street Advisors Group LLC now owns 11,931 shares of the natural resource company’s stock valued at $580,000 after purchasing an additional 1,082 shares during the last quarter. Savant Capital LLC boosted its stake in Freeport-McMoRan by 46.3% during the 2nd quarter. Savant Capital LLC now owns 24,048 shares of the natural resource company’s stock worth $1,169,000 after purchasing an additional 7,610 shares during the period. Candriam S.C.A. grew its position in Freeport-McMoRan by 13.7% during the 2nd quarter. Candriam S.C.A. now owns 94,270 shares of the natural resource company’s stock worth $4,581,000 after purchasing an additional 11,359 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in Freeport-McMoRan by 3.8% in the second quarter. Private Advisor Group LLC now owns 76,473 shares of the natural resource company’s stock valued at $3,717,000 after purchasing an additional 2,805 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 3.4 %

Shares of FCX opened at $40.00 on Friday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $57.46 billion, a P/E ratio of 35.40, a PEG ratio of 2.08 and a beta of 1.89. The firm’s 50-day moving average is $45.16 and its two-hundred day moving average is $46.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6 billion. During the same quarter in the prior year, the firm posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research note on Wednesday. Raymond James lowered their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. 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 report on Monday, August 19th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Four investment 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.