Magnus Financial Group LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 7,631 shares of the natural resource company's stock, valued at approximately $331,000.
Other institutional investors have also recently modified their holdings of the company. City Holding Co. acquired a new stake in Freeport-McMoRan in the first quarter valued at $33,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $37,000. CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at about $42,000. Finally, Wolff Wiese Magana LLC boosted its holdings in Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after buying an additional 319 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on FCX shares. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.00.
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Freeport-McMoRan Price Performance
NYSE:FCX opened at $35.38 on Friday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market cap of $50.80 billion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 0.70 and a beta of 1.59. The company's 50-day moving average is $43.28 and its two-hundred day moving average is $40.53. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share. Research analysts expect 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 will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.
About Freeport-McMoRan
(
Free Report)
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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