Magnolia Capital Advisors LLC Buys 2,400 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Magnolia Capital Advisors LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 39.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,504 shares of the natural resource company’s stock after purchasing an additional 2,400 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $413,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. raised its stake in Freeport-McMoRan by 1,170.7% in the second 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. Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the second quarter worth $26,000. LRI Investments LLC purchased a new position in Freeport-McMoRan in the first quarter worth $26,000. Finally, RFP Financial Group LLC grew its holdings in Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank lowered shares of Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price target on the stock. in a report on Monday. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Raymond James lifted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Price Performance

NYSE FCX opened at $49.92 on Tuesday. The stock’s fifty day moving average price is $43.72 and its 200 day moving average price is $47.57. The company has a market cap of $71.71 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.89 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 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.