Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Private Wealth Partners LLC

Private Wealth Partners LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 230,569 shares of the natural resource company’s stock after acquiring an additional 6,352 shares during the period. Freeport-McMoRan comprises approximately 0.8% of Private Wealth Partners LLC’s holdings, making the stock its 28th largest position. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $11,206,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the second quarter worth about $26,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $26,000. RFP Financial Group LLC increased its position in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 426 shares in the last quarter. Finally, POM Investment Strategies LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at about $31,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on FCX. Raymond James dropped their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.30 on Thursday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $44.64 and its 200-day moving average price is $46.89. The firm has a market capitalization of $59.33 billion, a P/E ratio of 36.55, a P/E/G ratio of 1.88 and a beta of 1.89. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 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.