Bingham Private Wealth LLC Boosts Stake in Freeport-McMoRan Inc. $FCX

Bingham Private Wealth LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,792 shares of the natural resource company’s stock after buying an additional 1,850 shares during the quarter. Bingham Private Wealth LLC’s holdings in Freeport-McMoRan were worth $381,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of FCX. SteelPeak Wealth LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $224,000. Capital Advisors Inc. OK increased its position in shares of Freeport-McMoRan by 26.1% during the 2nd quarter. Capital Advisors Inc. OK now owns 997,705 shares of the natural resource company’s stock valued at $43,251,000 after purchasing an additional 206,379 shares during the last quarter. Iowa State Bank raised its stake in shares of Freeport-McMoRan by 1.5% during the 2nd quarter. Iowa State Bank now owns 63,168 shares of the natural resource company’s stock worth $2,738,000 after purchasing an additional 962 shares during the period. Autumn Glory Partners LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $281,000. Finally, Marks Group Wealth Management Inc bought a new position in Freeport-McMoRan during the second quarter valued at about $222,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.35 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $51.19. The stock’s 50-day simple moving average is $42.40 and its 200 day simple moving average is $40.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a market capitalization of $57.93 billion, a price-to-earnings ratio of 30.57, a price-to-earnings-growth ratio of 0.87 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Johnson Rice lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Royal Bank Of Canada reduced their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a report on Wednesday, October 1st. Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Finally, Scotiabank reiterated a “sector perform” rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.74.

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.