Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Perennial Investment Advisors LLC

Perennial Investment Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,269 shares of the natural resource company’s stock after purchasing an additional 657 shares during the period. Perennial Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FCX. Tower Wealth Partners Inc. acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $224,000. Edgestream Partners L.P. grew its position in Freeport-McMoRan by 67.9% in the second quarter. Edgestream Partners L.P. now owns 52,580 shares of the natural resource company’s stock valued at $2,555,000 after acquiring an additional 21,270 shares in the last quarter. Pekin Hardy Strauss Inc. raised its stake in shares of Freeport-McMoRan by 7.7% during the second quarter. Pekin Hardy Strauss Inc. now owns 69,365 shares of the natural resource company’s stock valued at $3,371,000 after purchasing an additional 4,975 shares during the period. Excalibur Management Corp purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $215,000. Finally, Wulff Hansen & CO. boosted its stake in shares of Freeport-McMoRan by 4,760.0% in the second quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock valued at $58,234,000 after purchasing an additional 1,173,578 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.6 %

Shares of NYSE:FCX opened at $43.13 on Wednesday. The company’s fifty day moving average is $44.12 and its two-hundred day moving average is $47.05. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a market capitalization of $61.96 billion, a price-to-earnings ratio of 38.17, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.39%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James dropped their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.07.

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.