Freeport-McMoRan Inc. (NYSE:FCX) Holdings Raised by Private Wealth Partners LLC

Private Wealth Partners LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,569 shares of the natural resource company’s stock after purchasing an additional 6,352 shares during the quarter. Freeport-McMoRan makes up 0.8% of Private Wealth Partners LLC’s investment portfolio, making the stock its 28th largest holding. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $11,206,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Capital Wealth Advisors grew its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Vanguard Capital Wealth Advisors now owns 8,910 shares of the natural resource company’s stock worth $433,000 after purchasing an additional 3,329 shares during the last quarter. Eagle Strategies LLC bought a new stake in Freeport-McMoRan in the second quarter valued at approximately $2,702,000. Johnson Investment Counsel Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth approximately $239,000. Qsemble Capital Management LP raised its position in Freeport-McMoRan by 888.5% during 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. Finally, Hazlett Burt & Watson Inc. raised its position 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 worth $25,000 after acquiring an additional 480 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $41.30 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. 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. The firm’s 50 day moving average is $44.64 and its two-hundred day moving average is $46.89.

Freeport-McMoRan (NYSE:FCX) last released its earnings results 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. 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%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.35 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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 $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

FCX has been the subject of a number of recent analyst reports. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday. Raymond James decreased their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Finally, Scotiabank reduced their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Five investment 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.