Capital Wealth Planning LLC Purchases 1,538,560 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Capital Wealth Planning LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 34.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,943,074 shares of the natural resource company’s stock after acquiring an additional 1,538,560 shares during the period. Freeport-McMoRan comprises about 3.0% of Capital Wealth Planning LLC’s investment portfolio, making the stock its 17th biggest holding. Capital Wealth Planning LLC’s holdings in Freeport-McMoRan were worth $288,833,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its stake in shares of 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 buying an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth approximately $25,000. LRI Investments LLC bought a new position in Freeport-McMoRan during the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the second quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $42.66 on Monday. The firm has a fifty day moving average price of $44.29 and a 200-day moving average price of $47.01. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The stock has a market cap of $61.28 billion, a PE ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm 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%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.41%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FCX shares. 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 report on Monday, August 19th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus 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.