Community Bank N.A. Increases Stake in Freeport-McMoRan Inc. $FCX

Community Bank N.A. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,748 shares of the natural resource company’s stock after buying an additional 8,177 shares during the period. Community Bank N.A.’s holdings in Freeport-McMoRan were worth $2,069,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $366,959,000. Amundi increased its position in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP increased its position in shares of Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 4.5%

Shares of NYSE:FCX opened at $42.74 on Tuesday. The stock has a market cap of $61.36 billion, a P/E ratio of 32.38, a P/E/G ratio of 0.93 and a beta of 1.58. The firm has a fifty day moving average price of $42.55 and a 200 day moving average price of $40.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent analyst reports. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Raymond James Financial dropped their target price on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Royal Bank Of Canada dropped their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.56.

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.