Freeport-McMoRan Inc. $FCX Stock Holdings Raised by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC increased its holdings in Freeport-McMoRan by 110.1%, owning 15,849 shares valued at $687,000.
• Freeport-McMoRan reported quarterly earnings of $0.54 per share, exceeding estimates and reflecting a 14.5% year-over-year revenue increase to $7.58 billion.
• The company announced a quarterly dividend of $0.15, with an annualized yield of 1.5%, payable to shareholders on November 3rd.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 110.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,849 shares of the natural resource company's stock after purchasing an additional 8,304 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Freeport-McMoRan were worth $687,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. City Holding Co. bought a new position in Freeport-McMoRan during the first quarter worth $33,000. Dagco Inc. bought a new stake in Freeport-McMoRan during the first quarter valued at $37,000. Beacon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares during the period. CKW Financial Group bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $42,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $39.66 on Monday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $51.19. The stock has a market capitalization of $56.94 billion, a P/E ratio of 30.05, a P/E/G ratio of 0.87 and a beta of 1.58. 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 firm's 50 day moving average is $42.47 and its 200-day moving average is $40.54.

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 for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.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 company posted $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft dropped their price target on Freeport-McMoRan from $47.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Weiss Ratings restated a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Saturday, September 27th. Finally, Bank of America upgraded 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. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $46.74.

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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