Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by First City Capital Management Inc.

First City Capital Management Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 11.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 17,896 shares of the natural resource company’s stock after buying an additional 1,790 shares during the period. First City Capital Management Inc.’s holdings in Freeport-McMoRan were worth $870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. lifted its stake in shares of Freeport-McMoRan by 1,170.7% in the 2nd 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 acquired a new stake in Freeport-McMoRan in the second quarter valued at about $25,000. LRI Investments LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, Jones Financial Companies Lllp lifted its holdings in shares of 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 period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on FCX. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft raised 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. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.79.

Freeport-McMoRan Trading Down 1.4 %

Shares of FCX stock opened at $44.53 on Friday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a 50-day moving average price of $43.55 and a 200 day moving average price of $47.16. The company has a market capitalization of $63.97 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued 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. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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