NewEdge Advisors LLC Grows Stake in Freeport-McMoRan Inc. (NYSE:FCX)

NewEdge Advisors LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 11.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,103 shares of the natural resource company’s stock after acquiring an additional 5,051 shares during the quarter. NewEdge Advisors LLC’s holdings in Freeport-McMoRan were worth $2,091,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CENTRAL TRUST Co increased its holdings in Freeport-McMoRan by 2.5% during the 1st quarter. CENTRAL TRUST Co now owns 10,450 shares of the natural resource company’s stock worth $428,000 after acquiring an additional 250 shares during the period. FinTrust Capital Advisors LLC increased its holdings in Freeport-McMoRan by 5.1% during the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock worth $200,000 after acquiring an additional 253 shares during the period. Stephens Consulting LLC increased its holdings in Freeport-McMoRan by 28.0% during the 1st quarter. Stephens Consulting LLC now owns 1,280 shares of the natural resource company’s stock worth $52,000 after acquiring an additional 280 shares during the period. Atlas Brown Inc. increased its holdings in Freeport-McMoRan by 3.7% during the 1st quarter. Atlas Brown Inc. now owns 7,866 shares of the natural resource company’s stock worth $322,000 after acquiring an additional 284 shares during the period. Finally, Kercheville Advisors LLC increased its holdings in Freeport-McMoRan by 2.7% during the 4th quarter. Kercheville Advisors LLC now owns 11,301 shares of the natural resource company’s stock worth $429,000 after acquiring an additional 302 shares during the period. Institutional investors own 77.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on FCX shares. 3M reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. 1-800-FLOWERS.COM reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. Sanford C. Bernstein began coverage on shares of Freeport-McMoRan in a report on Thursday, June 29th. They issued a “market perform” rating and a $41.00 price target on the stock. Scotiabank decreased their price target on shares of Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Finally, StockNews.com began coverage on shares of Freeport-McMoRan in a report on Thursday, August 17th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $39.96.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $40.80 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $26.03 and a 52-week high of $46.73. The stock has a market capitalization of $58.49 billion, a price-to-earnings ratio of 28.14 and a beta of 2.07. The company has a fifty day moving average of $40.83 and a 200-day moving average of $39.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.94.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 20th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The business had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.61 billion. During the same period last year, the company posted $0.58 EPS. Freeport-McMoRan’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Friday, July 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, July 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.47%. Freeport-McMoRan’s dividend payout ratio (DPR) is 20.69%.

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.