Freeport-McMoRan Inc. $FCX is Leibman Financial Services Inc.'s 7th Largest Position

Key Points

• Leibman Financial Services Inc. reduced its stake in Freeport-McMoRan by 8.1% during the second quarter, now holding 96,545 shares worth approximately $4.18 million.
• Several large institutional investors, including Vanguard Group and Price T Rowe Associates, have increased their holdings in Freeport-McMoRan, indicating growing confidence in the company.
• Freeport-McMoRan recently declared a quarterly dividend of $0.15 per share, with a yield of 1.3% based on its annualized payout.

Leibman Financial Services Inc. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,545 shares of the natural resource company's stock after selling 8,552 shares during the quarter. Freeport-McMoRan accounts for 3.2% of Leibman Financial Services Inc.'s portfolio, making the stock its 7th largest position. Leibman Financial Services Inc.'s holdings in Freeport-McMoRan were worth $4,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. bought a new stake in Freeport-McMoRan during the 1st quarter worth about $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $35,000. Dagco Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth about $37,000. CKW Financial Group acquired a new stake in Freeport-McMoRan in the first quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth about $42,000. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. Hsbc Global Res cut Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Bank of America reiterated a "neutral" rating and set a $56.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $51.33.

Freeport-McMoRan Price Performance

FCX traded up $0.03 on Friday, reaching $44.96. The stock had a trading volume of 21,115,490 shares, compared to its average volume of 11,596,498. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The firm has a 50-day moving average of $43.57 and a 200-day moving average of $40.43. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $64.55 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59.

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 the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The business's quarterly revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a dividend of $0.15 per share. 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 22.73%.

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.