PKO Investment Management Joint Stock Co Has $2.40 Million Stake in Freeport-McMoRan Inc. $FCX

PKO Investment Management Joint Stock Co increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 55,300 shares of the natural resource company’s stock after acquiring an additional 5,700 shares during the period. PKO Investment Management Joint Stock Co’s holdings in Freeport-McMoRan were worth $2,397,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its position in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the period. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $37,000. Hilltop National Bank bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $43,000. CKW Financial Group bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter worth approximately $42,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.3%

NYSE:FCX opened at $41.34 on Friday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The company has a quick ratio of 1.21, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $59.36 billion, a P/E ratio of 29.12, a P/E/G ratio of 0.96 and a beta of 1.58. The stock’s fifty day simple moving average is $42.55 and its 200-day simple moving average is $40.97.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period last year, the company earned $0.38 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Sanford C. Bernstein dropped their price target on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday, October 8th. Finally, HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the company from $43.00 to $50.00 in a report on Friday, October 17th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $46.92.

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.