Freeport-McMoRan Inc. $FCX Shares Purchased by Cwm LLC

Cwm LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 111.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,117 shares of the natural resource company's stock after buying an additional 77,620 shares during the quarter. Cwm LLC's holdings in Freeport-McMoRan were worth $6,378,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Nuveen LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth $366,959,000. Amundi lifted its holdings in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP lifted its holdings in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoRan by 13.7% in the 1st 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 purchasing an additional 2,642,810 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

FCX opened at $41.76 on Thursday. The firm has a market cap of $59.96 billion, a price-to-earnings ratio of 31.64, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $50.12. The company's 50-day moving average price is $42.63 and its 200 day moving average price is $40.60. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm 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%. Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio is 22.73%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an "overweight" rating in a research note on Thursday, October 9th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a research note on Tuesday, September 30th. Johnson Rice cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Scotiabank restated a "sector perform" rating and issued a $45.00 target price (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Finally, HSBC cut their target price on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating on the stock in a research note on Thursday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average 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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