Freeport-McMoRan Inc. (NYSE:FCX) Position Increased by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,365 shares of the natural resource company’s stock after purchasing an additional 4,975 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Freeport-McMoRan were worth $3,371,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $26,000. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter valued at about $26,000. Finally, Jones Financial Companies Lllp increased its stake in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the period. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on FCX. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Trading Up 0.5 %

Shares of Freeport-McMoRan stock opened at $42.89 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The stock has a market capitalization of $61.61 billion, a P/E ratio of 37.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a 50-day simple moving average of $44.12 and a 200 day simple moving average of $47.05. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, 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 1.40%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

About Freeport-McMoRan

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.