Fiera Capital Corp Raises Stock Position in Freeport-McMoRan Inc. $FCX

Fiera Capital Corp lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 80.6% during the 2nd quarter, Holdings Channel reports. The firm owned 147,869 shares of the natural resource company’s stock after buying an additional 65,986 shares during the period. Fiera Capital Corp’s holdings in Freeport-McMoRan were worth $6,410,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Dagco Inc. purchased a new position in Freeport-McMoRan in the 1st quarter valued at approximately $37,000. Beacon Capital Management LLC raised its stake in shares of Freeport-McMoRan by 59.6% in 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 purchased a new position in Freeport-McMoRan in the first quarter valued at $40,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the 1st quarter worth $42,000. Finally, Hilltop National Bank purchased a new stake in Freeport-McMoRan during the 2nd quarter worth about $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCX. Scotiabank lifted their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. Clarkson Capital reiterated a “neutral” rating and set a $42.00 price target on shares of Freeport-McMoRan in a report on Thursday, September 25th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.20 on Friday. The company’s 50 day simple moving average is $41.62 and its 200-day simple moving average is $41.73. The firm has a market cap of $57.72 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

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.