Rhumbline Advisers Acquires 22,949 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Rhumbline Advisers lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,663,167 shares of the natural resource company’s stock after purchasing an additional 22,949 shares during the period. Rhumbline Advisers owned about 0.19% of Freeport-McMoRan worth $106,527,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. 9258 Wealth Management LLC increased its position in shares of Freeport-McMoRan by 6.2% during the second quarter. 9258 Wealth Management LLC now owns 6,948 shares of the natural resource company’s stock worth $278,000 after acquiring an additional 406 shares during the period. Jacobi Capital Management LLC grew its stake in Freeport-McMoRan by 2.3% in the second quarter. Jacobi Capital Management LLC now owns 12,221 shares of the natural resource company’s stock worth $489,000 after purchasing an additional 278 shares in the last quarter. Synovus Financial Corp increased its holdings in Freeport-McMoRan by 3.5% during the 2nd quarter. Synovus Financial Corp now owns 48,656 shares of the natural resource company’s stock worth $1,946,000 after purchasing an additional 1,629 shares during the period. Kestra Private Wealth Services LLC raised its position in Freeport-McMoRan by 17.1% during the 2nd quarter. Kestra Private Wealth Services LLC now owns 41,860 shares of the natural resource company’s stock valued at $1,674,000 after purchasing an additional 6,122 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. lifted its holdings in shares of Freeport-McMoRan by 0.6% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,640 shares of the natural resource company’s stock worth $2,586,000 after buying an additional 360 shares during the period. Hedge funds and other institutional investors own 77.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FCX. Morgan Stanley decreased their price objective on Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, October 20th. Stifel Nicolaus dropped their price objective on shares of Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, August 22nd. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. BMO Capital Markets lowered their target price on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, October 20th. Finally, JPMorgan Chase & Co. began coverage on Freeport-McMoRan in a report on Tuesday, October 17th. They issued a “neutral” rating and a $42.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and an average target price of $42.50.

Freeport-McMoRan Stock Performance

FCX opened at $33.68 on Friday. The firm’s 50-day moving average price is $36.62 and its 200-day moving average price is $38.13. The company has a market cap of $48.30 billion, a P/E ratio of 22.76 and a beta of 2.06. The company has a quick ratio of 1.67, a current ratio of 2.90 and a debt-to-equity ratio of 0.35. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $46.73.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 19th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Freeport-McMoRan had a net margin of 9.50% and a return on equity of 9.98%. The business’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.78%. Freeport-McMoRan’s dividend payout ratio is currently 20.27%.

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, 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.