Brighton Jones LLC Purchases 18,426 Shares of Freeport-McMoRan Inc. $FCX

Brighton Jones LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 129.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,693 shares of the natural resource company’s stock after purchasing an additional 18,426 shares during the quarter. Brighton Jones LLC’s holdings in Freeport-McMoRan were worth $1,417,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FCX. Dagco Inc. bought a new position in Freeport-McMoRan in the first quarter worth about $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares in the last quarter. CKW Financial Group acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $42,000. Finally, Hilltop National Bank acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $43,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.04 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.21. The company’s 50 day moving average is $42.54 and its 200 day moving average is $41.15. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $58.92 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Raymond James Financial cut their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Finally, BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $46.92.

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.