Freeport-McMoRan Inc. $FCX Holdings Increased by Montag A & Associates Inc.

Montag A & Associates Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 419.2% in the first quarter, HoldingsChannel reports. The fund owned 54,513 shares of the natural resource company’s stock after purchasing an additional 44,013 shares during the quarter. Montag A & Associates Inc.’s holdings in Freeport-McMoRan were worth $3,204,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinnacle Bancorp Inc. increased its stake in shares of Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after acquiring an additional 147 shares during the period. Steph & Co. boosted its stake in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Essex Bank increased its position in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after purchasing an additional 163 shares during the period. Leo Wealth LLC increased its position in shares of Freeport-McMoRan by 2.5% during the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after purchasing an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. increased its position in shares of Freeport-McMoRan by 0.9% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after purchasing an additional 175 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group set a $74.00 price objective on Freeport-McMoRan in a report on Wednesday. Jefferies Financial Group lifted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. HSBC upped their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, CICC Research reduced their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $68.50.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $57.45 on Thursday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a 50-day moving average of $63.71 and a two-hundred day moving average of $61.58. The stock has a market cap of $82.58 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 0.61 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.59 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders 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 is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Freeport-McMoRan Company 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.