Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by King Luther Capital Management Corp

King Luther Capital Management Corp raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,980 shares of the natural resource company’s stock after purchasing an additional 2,300 shares during the period. King Luther Capital Management Corp’s holdings in Freeport-McMoRan were worth $971,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. grew its holdings in 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 buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth $25,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter valued at about $26,000. Finally, Jones Financial Companies Lllp lifted its holdings in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James lowered their price objective on shares of 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 cut their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Trading Down 1.4 %

Shares of NYSE FCX opened at $44.53 on Monday. 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 Inc. has a one year low of $32.83 and a one year high of $55.24. The business has a 50-day moving average price of $43.55 and a two-hundred day moving average price of $47.23. The firm has a market capitalization of $63.97 billion, a PE ratio of 39.41, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the company posted $0.35 earnings per share. As a group, analysts predict 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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.