POM Investment Strategies LLC Takes $31,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

POM Investment Strategies LLC bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 630 shares of the natural resource company’s stock, valued at approximately $31,000.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory acquired a new stake in Freeport-McMoRan during the 2nd quarter worth $26,000. Jones Financial Companies Lllp grew its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares in the last quarter. RFP Financial Group LLC raised its position in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $32,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Up 3.1 %

Shares of Freeport-McMoRan stock traded up $1.36 during trading hours on Friday, reaching $44.66. 11,801,118 shares of the company were exchanged, compared to its average volume of 13,436,732. The firm has a market cap of $64.15 billion, a PE ratio of 39.52, a PEG ratio of 2.07 and a beta of 1.92. The stock’s fifty day moving average is $46.30 and its 200 day moving average is $46.49. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS 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 return on equity of 7.60% and a net margin of 7.83%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan’s payout ratio is 26.55%.

Freeport-McMoRan Company 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.