Freeport-McMoRan Inc. $FCX Shares Acquired by Wright Investors Service Inc.

Key Points

• Wright Investors Service Inc. significantly increased its holdings in Freeport-McMoRan by 56.5% in Q2, bringing their total shares to 23,287, worth approximately $1,009,000.
• Freeport-McMoRan reported earnings of $0.54 per share for the most recent quarter, surpassing estimates and showing a year-over-year revenue increase of 14.5%.
• The company declared a quarterly dividend of $0.15 per share, leading to an annualized dividend yield of 1.3%.

Wright Investors Service Inc. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 56.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 23,287 shares of the natural resource company's stock after buying an additional 8,404 shares during the period. Wright Investors Service Inc.'s holdings in Freeport-McMoRan were worth $1,009,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new position in Freeport-McMoRan in the fourth quarter valued at about $35,000. Dagco Inc. acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $37,000. CKW Financial Group bought a new stake in Freeport-McMoRan during the first quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan during the 1st quarter worth $42,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BNP Paribas Exane boosted their target price on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Bank of America reaffirmed a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Royal Bank Of Canada increased their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price objective for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Finally, Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $51.33.

Freeport-McMoRan Stock Performance

FCX stock traded up $0.03 during trading hours on Friday, reaching $44.96. The stock had a trading volume of 21,115,490 shares, compared to its average volume of 12,111,403. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The stock has a market capitalization of $64.55 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The stock has a 50-day simple moving average of $43.57 and a 200 day simple moving average of $40.45.

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 the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the business posted $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 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.