Bourgeon Capital Management LLC Has $14.37 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Bourgeon Capital Management LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 331,549 shares of the natural resource company’s stock after acquiring an additional 24,803 shares during the period. Freeport-McMoRan makes up about 2.8% of Bourgeon Capital Management LLC’s holdings, making the stock its 6th largest holding. Bourgeon Capital Management LLC’s holdings in Freeport-McMoRan were worth $14,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 1.5% during the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after buying an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Amundi increased its holdings in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after buying an additional 1,815,285 shares during the period. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on FCX shares. CICC Research decreased their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday. HSBC reduced their price target on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Thursday, September 25th. Citigroup boosted their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. Finally, Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.74.

Freeport-McMoRan Stock Performance

FCX stock opened at $37.14 on Tuesday. The stock has a market capitalization of $53.32 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 0.68 and a beta of 1.59. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $51.45. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock’s 50 day simple moving average is $42.94 and its 200 day simple moving average is $40.56.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.6%. Freeport-McMoRan’s payout ratio is currently 22.73%.

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.