Vanguard Personalized Indexing Management LLC Buys 27,570 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Vanguard Personalized Indexing Management LLC increased its holdings in Freeport-McMoRan Inc. by 22.7% during the second quarter, acquiring an additional 27,570 shares, bringing their total to 149,162 shares valued at approximately $6,466,000.
• Freeport-McMoRan recently reported earnings of $0.54 per share for the quarter, surpassing the consensus estimate of $0.45, with quarterly revenue reaching $7.58 billion.
• The company declared a quarterly dividend of $0.15 per share, contributing to an annualized yield of 1.4%, which is set to be paid on November 3rd.

Vanguard Personalized Indexing Management LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 22.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 149,162 shares of the natural resource company's stock after buying an additional 27,570 shares during the quarter. Vanguard Personalized Indexing Management LLC's holdings in Freeport-McMoRan were worth $6,466,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $37,000. Beacon Capital Management LLC lifted its position in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after buying an additional 327 shares during the last quarter. CKW Financial Group bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $40,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $42,000. Finally, Hilltop National Bank bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $43,000. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. BNP Paribas Exane dropped their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a research report on Thursday, September 25th. Jefferies Financial Group reiterated a "buy" rating and issued a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Johnson Rice dropped their target price on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Finally, Royal Bank Of Canada dropped their target price on Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating for the company in a research report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $46.56.

Freeport-McMoRan Trading Up 4.5%

Shares of FCX stock opened at $42.74 on Tuesday. The stock has a market cap of $61.36 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.93 and a beta of 1.58. The stock has a 50-day moving average of $42.55 and a 200-day moving average of $40.58. 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 Inc. has a 1-year low of $27.66 and a 1-year high of $50.12.

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. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

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