41,623 Shares in Freeport-McMoRan Inc. $FCX Acquired by Deane Retirement Strategies Inc.

Key Points

• Deane Retirement Strategies Inc. purchased 41,623 shares of Freeport-McMoRan Inc. for approximately $1.8 million during the second quarter, as reported in their Form 13F filing.
• Key financial metrics include a recent quarterly revenue of $7.58 billion and earnings per share of $0.54, surpassing analysts' expectations.
• Freeport-McMoRan has a current consensus rating of "Moderate Buy" and a target price of $51.33 from analysts, highlighting positive market sentiment.

Deane Retirement Strategies Inc. acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 41,623 shares of the natural resource company's stock, valued at approximately $1,806,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Vanguard Group Inc. raised its stake in Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock worth $4,734,101,000 after acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Amundi raised its holdings in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after acquiring an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock valued at $498,270,000 after purchasing an additional 1,815,285 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on FCX. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. UBS Group cut Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their target price for the company from $45.00 to $50.00 in a report on Friday, July 11th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, BMO Capital Markets lowered their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Freeport-McMoRan Stock Performance

FCX stock traded up $0.03 during trading on Friday, reaching $44.96. 21,115,490 shares of the stock were exchanged, compared to its average volume of 12,111,403. The company has a market capitalization of $64.55 billion, a P/E ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock has a 50 day simple moving average of $43.57 and a 200-day simple moving average of $40.45.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter last year, the business posted $0.46 earnings per share. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

About Freeport-McMoRan

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.