Berman Capital Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 66.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,988 shares of the natural resource company’s stock after acquiring an additional 1,592 shares during the quarter. Berman Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $147,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of FCX. Diamond Hill Capital Management Inc. bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $425,297,000. Nuveen Asset Management LLC lifted its position in Freeport-McMoRan by 40.3% in the 1st quarter. Nuveen Asset Management LLC now owns 15,664,650 shares of the natural resource company’s stock valued at $515,837,000 after acquiring an additional 4,497,571 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $146,627,000. Bessemer Group Inc. lifted its position in Freeport-McMoRan by 36,627.2% during the 2nd quarter. Bessemer Group Inc. now owns 2,550,704 shares of the natural resource company’s stock worth $94,657,000 after buying an additional 2,543,759 shares in the last quarter. Finally, Alleghany Corp DE bought a new stake in Freeport-McMoRan during the 2nd quarter worth about $89,511,000. 76.90% of the stock is currently owned by institutional investors and hedge funds.
FCX has been the topic of several analyst reports. Credit Suisse Group cut shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price target on the stock. in a research report on Friday, September 10th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Freeport-McMoRan from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday, September 16th. Royal Bank of Canada boosted their price target on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the stock a “sector perform” rating in a research report on Friday, July 23rd. Raymond James set a $47.00 price objective on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a research note on Friday, July 23rd. Finally, Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $38.00 to $36.50 and set an “equal weight” rating on the stock in a research note on Friday, July 23rd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.72.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The firm had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same quarter in the prior year, the business posted $0.03 EPS. The business’s revenue was up 88.2% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.96 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.93%. Freeport-McMoRan’s payout ratio is presently 55.56%.
Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.
Further Reading: Forex
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.