Hollencrest Capital Management Purchases 400 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hollencrest Capital Management lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,283 shares of the natural resource company’s stock after purchasing an additional 400 shares during the period. Hollencrest Capital Management’s holdings in Freeport-McMoRan were worth $2,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $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 during the second quarter worth $25,000. LRI Investments LLC purchased a new position in Freeport-McMoRan during the first quarter valued at $26,000. Lynx Investment Advisory bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, Jones Financial Companies Lllp lifted its stake in Freeport-McMoRan by 422.2% in the 4th 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 in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FCX shares. Raymond James cut their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank decreased their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $45.14 on Friday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a market capitalization of $64.84 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The stock’s fifty day moving average is $43.82 and its two-hundred day moving average is $47.06. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.33%. Freeport-McMoRan’s payout ratio is currently 26.55%.

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. 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.