Freeport-McMoRan Inc. $FCX Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its holdings in Freeport-McMoRan by 7.4% during Q2, owning approximately 0.13% of the company, worth about $83.9 million.
• Freeport-McMoRan recently reported a quarterly earnings per share (EPS) of $0.54, surpassing analysts' expectations of $0.45, with revenues of $7.58 billion.
• The company declared a quarterly dividend of $0.15, leading to an annualized dividend of $0.60 and a yield of 1.5%.

Aberdeen Group plc grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,915,539 shares of the natural resource company's stock after purchasing an additional 131,422 shares during the period. Aberdeen Group plc owned approximately 0.13% of Freeport-McMoRan worth $83,948,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Stratos Investment Management LLC lifted its stake in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. lifted its stake in shares of Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after acquiring an additional 6,188 shares during the period. Bourgeon Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company's stock worth $14,373,000 after acquiring an additional 24,803 shares during the period. Arizona State Retirement System lifted its stake in shares of Freeport-McMoRan by 2.2% in the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after acquiring an additional 8,989 shares during the period. Finally, Financial Sense Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 527.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after acquiring an additional 64,003 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 5.5%

NYSE FCX opened at $40.92 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company's 50 day simple moving average is $42.51 and its 200 day simple moving average is $40.55. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $50.28. The company has a market capitalization of $58.74 billion, a P/E ratio of 31.00, a PEG ratio of 0.92 and a beta of 1.58.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FCX shares. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a "buy" rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Wednesday. Jefferies Financial Group reiterated a "buy" rating and issued a $46.00 target price on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Finally, Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.56.

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.

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