Brighton Jones LLC Has $669,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Brighton Jones LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.2% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,763 shares of the natural resource company’s stock after selling 1,235 shares during the quarter. Brighton Jones LLC’s holdings in Freeport-McMoRan were worth $669,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. raised its holdings in shares of Freeport-McMoRan by 1,170.7% during the second 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 during the period. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth about $26,000. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the second quarter worth about $26,000. Finally, Jones Financial Companies Lllp raised its position in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $44.53 on Friday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $63.97 billion, a PE ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The business’s 50-day moving average price is $43.55 and its two-hundred day moving average price is $47.16.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.35 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FCX. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft boosted 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. Scotiabank dropped their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective 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 given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.79.

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.