Strategic Financial Concepts LLC Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Strategic Financial Concepts LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 60,308 shares of the natural resource company’s stock, valued at approximately $29,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after buying an additional 4,703 shares in the last quarter. Fisher Asset Management LLC grew its stake in Freeport-McMoRan by 1.8% during 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 in the last quarter. Oaktree Capital Management LP increased its holdings in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC lifted its position in shares of Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.30 on Thursday. The company’s fifty day moving average is $44.64 and its two-hundred day moving average is $46.89. The firm has a market capitalization of $59.33 billion, a price-to-earnings ratio of 36.55, a P/E/G ratio of 1.88 and a beta of 1.89. 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 Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its 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 the consensus estimate of $6 billion. During the same period last year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced 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 1.45%. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. 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 report on Wednesday, September 4th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

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.