Freeport-McMoRan Inc. $FCX Position Boosted by GM Advisory Group LLC

GM Advisory Group LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 285.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 27,290 shares of the natural resource company’s stock after acquiring an additional 20,210 shares during the quarter. GM Advisory Group LLC’s holdings in Freeport-McMoRan were worth $1,604,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Brighton Jones LLC boosted its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at $560,000. Brown Advisory Inc. increased its holdings in shares of Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after buying an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC lifted its position in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of several research reports. Scotiabank raised their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. BMO Capital Markets boosted their target price on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Barclays assumed coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price for the company. Citigroup decreased their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.36.

Freeport-McMoRan Trading Down 0.1%

NYSE FCX opened at $60.88 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a market cap of $87.52 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37. The firm’s 50 day moving average price is $63.81 and its two-hundred day moving average price is $61.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.