7,134 Shares in Freeport-McMoRan Inc. $FCX Purchased by Kaufman Rossin Wealth LLC

Key Points

• Kaufman Rossin Wealth LLC purchased 7,134 shares of Freeport-McMoRan Inc. (NYSE: FCX), valued at approximately $309,000, according to a recent 13F filing.
• Multiple institutional investors have increased their positions in Freeport-McMoRan, contributing to a total institutional ownership of 80.77%.
• Freeport-McMoRan announced a quarterly dividend of $0.15 per share, reflecting a 1.3% dividend yield, with a payout ratio of 22.73%.

Kaufman Rossin Wealth LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,134 shares of the natural resource company's stock, valued at approximately $309,000.

Other institutional investors have also added to or reduced their stakes in the company. City Holding Co. acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $35,000. Dagco Inc. acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $37,000. CKW Financial Group acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan in the 1st quarter valued at approximately $42,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FCX. Bank of America restated a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Royal Bank Of Canada upped their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Scotiabank upped their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Finally, Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $51.33.

Freeport-McMoRan Stock Up 0.3%

Shares of Freeport-McMoRan stock traded up $0.16 during trading hours on Monday, reaching $45.10. The company's stock had a trading volume of 11,980,542 shares, compared to its average volume of 15,360,390. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The company has a market capitalization of $64.75 billion, a P/E ratio of 34.16, a P/E/G ratio of 0.84 and a beta of 1.59. The stock's fifty day simple moving average is $43.57 and its two-hundred day simple moving average is $40.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

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, 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 firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the firm earned $0.46 earnings per share. The business's quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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