KCM Investment Advisors LLC Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

KCM Investment Advisors LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 35.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,970 shares of the natural resource company’s stock after buying an additional 16,139 shares during the quarter. KCM Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $3,012,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at about $26,000. Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $26,000. 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 valued at $28,000 after buying an additional 532 shares in the last quarter. RFP Financial Group LLC grew its holdings in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the last quarter. Finally, POM Investment Strategies LLC purchased a new position in Freeport-McMoRan during the second quarter worth $31,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FCX shares. Scotiabank reduced their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Raymond James decreased their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Trading Up 1.0 %

NYSE:FCX traded up $0.42 on Friday, hitting $44.25. 7,809,897 shares of the stock were exchanged, compared to its average volume of 13,294,627. The stock has a fifty day moving average of $45.92 and a 200-day moving average of $46.66. The stock has a market cap of $63.56 billion, a PE ratio of 39.16, a PEG ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for 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%. During the same quarter last year, the firm posted $0.35 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.36%. Freeport-McMoRan’s payout ratio is 26.55%.

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.