Dakota Wealth Management Has $4.72 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Dakota Wealth Management raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 97,019 shares of the natural resource company’s stock after acquiring an additional 1,796 shares during the quarter. Dakota Wealth Management’s holdings in Freeport-McMoRan were worth $4,715,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Capital Research Global Investors increased its holdings in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $417,752,000. Boston Partners boosted its position in shares of Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after acquiring an additional 5,311,538 shares in the last quarter. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Finally, Asia Research & Capital Management Ltd acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $197,966,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock traded down $0.67 during trading hours on Tuesday, reaching $43.58. 3,981,961 shares of the company were exchanged, compared to its average volume of 13,492,489. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company has a market cap of $62.60 billion, a price-to-earnings ratio of 39.16, a P/E/G ratio of 2.07 and a beta of 1.92. The stock’s fifty day moving average is $46.69 and its two-hundred day moving average is $46.42. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. HSBC boosted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.67.

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.