DekaBank Deutsche Girozentrale Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

DekaBank Deutsche Girozentrale grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,598,609 shares of the natural resource company’s stock after acquiring an additional 18,454 shares during the period. DekaBank Deutsche Girozentrale owned about 0.18% of Freeport-McMoRan worth $126,754,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Cary Street Partners Investment Advisory LLC boosted its position in shares of Freeport-McMoRan by 855.7% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 6,164 shares of the natural resource company’s stock worth $257,000 after buying an additional 5,519 shares during the period. Jump Financial LLC raised its stake in shares of Freeport-McMoRan by 318.8% during the fourth quarter. Jump Financial LLC now owns 28,464 shares of the natural resource company’s stock valued at $1,212,000 after purchasing an additional 21,668 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Freeport-McMoRan by 7.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 63,850 shares of the natural resource company’s stock valued at $2,718,000 after purchasing an additional 4,219 shares during the period. Avantax Advisory Services Inc. lifted its position in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Avantax Advisory Services Inc. now owns 44,595 shares of the natural resource company’s stock worth $1,898,000 after purchasing an additional 443 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in shares of Freeport-McMoRan by 136.6% in the fourth quarter. Quadrant Capital Group LLC now owns 28,918 shares of the natural resource company’s stock valued at $1,231,000 after purchasing an additional 16,694 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $41.81 on Friday. The stock has a market capitalization of $60.08 billion, a P/E ratio of 37.00, a P/E/G ratio of 1.94 and a beta of 1.89. The firm’s 50-day moving average price is $44.47 and its two-hundred day moving average price is $46.85. 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.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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 business had revenue of $6.62 billion for 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 was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Scotiabank dropped 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 research note on Monday, August 19th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.07.

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.