Thurston Springer Miller Herd & Titak Inc. Acquires Shares of 4,300 Freeport-McMoRan Inc. (NYSE:FCX)

Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,300 shares of the natural resource company’s stock, valued at approximately $209,000.

A number of other institutional investors have also recently bought and sold shares of the business. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Jones Financial Companies Lllp lifted its position in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. New Covenant Trust Company N.A. purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $34,000. American National Bank lifted its position in shares of Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $32,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded up $0.16 during trading hours on Tuesday, reaching $41.03. 11,307,269 shares of the stock traded hands, compared to its average volume of 13,750,085. The company has a market capitalization of $58.93 billion, a P/E ratio of 36.32, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. 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 Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company’s 50-day simple moving average is $48.59 and its two-hundred day simple moving average is $46.24.

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 for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Bernstein Bank increased their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.