Prosperity Consulting Group LLC Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Prosperity Consulting Group LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,960 shares of the natural resource company’s stock after acquiring an additional 809 shares during the period. Prosperity Consulting Group LLC’s holdings in Freeport-McMoRan were worth $484,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. boosted its stake in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the period. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the second quarter worth about $26,000. Jones Financial Companies Lllp boosted its stake in shares of Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares during the period. Finally, RFP Financial Group LLC boosted its stake 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 worth $29,000 after acquiring an additional 426 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.0 %

Shares of NYSE FCX opened at $42.66 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The business’s 50 day moving average price is $44.29 and its 200-day moving average price is $46.95. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a market cap of $61.30 billion, a price-to-earnings ratio of 37.75, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share 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 firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period in the prior year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.41%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James dropped their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank dropped their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Five 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 company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $53.07.

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.