First Dallas Securities Inc. Acquires 10,158 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

First Dallas Securities Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.7% in the second quarter, Holdings Channel reports. The firm owned 105,334 shares of the natural resource company’s stock after buying an additional 10,158 shares during the period. Freeport-McMoRan comprises about 2.2% of First Dallas Securities Inc.’s portfolio, making the stock its 8th largest position. First Dallas Securities Inc.’s holdings in Freeport-McMoRan were worth $5,119,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares in the last quarter. Capital International Investors purchased a new position in Freeport-McMoRan in the 1st quarter worth $417,752,000. Boston Partners lifted its position in Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after acquiring an additional 5,311,538 shares during the period. Capital World Investors grew its stake in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares during the last quarter. Finally, Asia Research & Capital Management Ltd acquired a new position in shares of Freeport-McMoRan in the first quarter valued at about $197,966,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. Raymond James decreased their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Finally, Scotiabank dropped their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.44 during mid-day trading on Thursday, hitting $42.05. The stock had a trading volume of 1,877,552 shares, compared to its average volume of 13,239,607. The firm’s 50 day moving average is $45.47 and its 200 day moving average is $46.82. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The stock has a market capitalization of $60.40 billion, a price-to-earnings ratio of 36.82, a PEG ratio of 2.08 and a beta of 1.92. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. During the same period last year, the company earned $0.35 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders 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 annualized dividend and a dividend yield of 1.43%. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.