Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,765 shares of the natural resource company’s stock after purchasing an additional 1,401 shares during the period. Main Street Financial Solutions LLC’s holdings in Freeport-McMoRan were worth $961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Wealth Partners LLC lifted its holdings in shares of Freeport-McMoRan by 2.8% in the second quarter. Private Wealth Partners LLC now owns 230,569 shares of the natural resource company’s stock valued at $11,206,000 after buying an additional 6,352 shares during the period. Vanguard Capital Wealth Advisors lifted its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Vanguard Capital Wealth Advisors now owns 8,910 shares of the natural resource company’s stock valued at $433,000 after acquiring an additional 3,329 shares during the last quarter. Eagle Strategies LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $2,702,000. Johnson Investment Counsel Inc. bought a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $239,000. Finally, Qsemble Capital Management LP grew its stake in shares of Freeport-McMoRan by 888.5% in the 2nd quarter. Qsemble Capital Management LP now owns 78,415 shares of the natural resource company’s stock worth $3,811,000 after purchasing an additional 70,482 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 1.2 %

FCX stock opened at $41.81 on Friday. The company has a 50 day moving average of $44.47 and a two-hundred day moving average of $46.85. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a market cap of $60.06 billion, a price-to-earnings ratio of 37.00, a PEG ratio of 1.88 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the company earned $0.35 earnings per share. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.44%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

Several research firms recently commented on FCX. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Scotiabank decreased their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.