Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Coastline Trust Co

Coastline Trust Co boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 21.1% during the second quarter, Holdings Channel.com reports. The fund owned 10,900 shares of the natural resource company’s stock after purchasing an additional 1,900 shares during the quarter. Coastline Trust Co’s holdings in Freeport-McMoRan were worth $530,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 1.9% during the fourth quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after purchasing an additional 1,030,451 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Freeport-McMoRan by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after purchasing an additional 1,551,828 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.6 %

Freeport-McMoRan stock traded up $0.64 during midday trading on Monday, hitting $41.69. The stock had a trading volume of 5,083,416 shares, compared to its average volume of 13,645,300. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $59.89 billion, a P/E ratio of 36.33, a P/E/G ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The business has a fifty day moving average price of $47.61 and a 200 day moving average price of $46.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCX. HSBC boosted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Raymond James reduced their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Company 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.