Freeport-McMoRan Inc. $FCX Holdings Raised by Rathbones Group PLC

Rathbones Group PLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 57.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,822,756 shares of the natural resource company’s stock after purchasing an additional 1,026,046 shares during the period. Rathbones Group PLC’s holdings in Freeport-McMoRan were worth $165,922,000 as of its most recent SEC filing.

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

Freeport-McMoRan Stock Performance

FCX opened at $62.53 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The company has a market cap of $89.89 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The stock has a 50-day moving average of $63.69 and a 200-day moving average of $62.59. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period last year, the business earned $0.54 EPS. The firm’s revenue was down 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of recent research reports. Morgan Stanley raised their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. BNP Paribas Exane increased their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Finally, Raymond James Financial reduced their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

About Freeport-McMoRan

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.