Kraematon Investment Advisors Inc. increased its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 5.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,658 shares of the natural resource company’s stock after acquiring an additional 672 shares during the quarter. Kraematon Investment Advisors Inc.’s holdings in Freeport-McMoRan were worth $546,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of FCX. FMR LLC raised its stake in Freeport-McMoRan by 2.6% in the first quarter. FMR LLC now owns 105,191,820 shares of the natural resource company’s stock valued at $4,303,397,000 after purchasing an additional 2,667,362 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 1.7% in the second quarter. Fisher Asset Management LLC now owns 54,842,377 shares of the natural resource company’s stock worth $2,193,695,000 after purchasing an additional 895,617 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 1.9% in the first quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock worth $1,033,858,000 after purchasing an additional 472,160 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 7.8% in the second quarter. Bank of New York Mellon Corp now owns 21,659,892 shares of the natural resource company’s stock worth $866,396,000 after purchasing an additional 1,574,761 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Freeport-McMoRan by 4.8% in the fourth quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock worth $628,278,000 after purchasing an additional 753,458 shares during the last quarter. 77.96% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on FCX. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 20th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating on the stock in a report on Friday, October 20th. Stifel Nicolaus lowered their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, August 22nd. Finally, Raymond James lowered their price target on Freeport-McMoRan from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, October 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $42.50.
Freeport-McMoRan Stock Performance
Shares of NYSE FCX traded up $0.84 during midday trading on Monday, hitting $36.84. 4,431,070 shares of the company’s stock traded hands, compared to its average volume of 11,687,033. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $46.73. The stock has a market capitalization of $52.83 billion, a price-to-earnings ratio of 24.32 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.90. The firm has a fifty day moving average of $36.11 and a 200 day moving average of $38.07.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings data on Thursday, October 19th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. The company had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.43 billion. Freeport-McMoRan had a return on equity of 9.98% and a net margin of 9.50%. The firm’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.45 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.63%. Freeport-McMoRan’s dividend payout ratio (DPR) is 20.27%.
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.
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