Brookwood Investment Group LLC Invests $258,000 in Freeport-McMoRan Inc. $FCX

Brookwood Investment Group LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,943 shares of the natural resource company’s stock, valued at approximately $258,000.

Several other institutional investors have also recently made changes to their positions in FCX. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the first quarter worth $37,000. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group bought a new position in Freeport-McMoRan in the first quarter valued at $40,000. Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the first quarter valued at $42,000. Finally, Hilltop National Bank bought a new position in Freeport-McMoRan in the second quarter valued at $43,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.16 on Wednesday. The company has a 50-day simple moving average of $42.53 and a two-hundred day simple moving average of $41.22. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The firm has a market cap of $59.10 billion, a price-to-earnings ratio of 28.99, a PEG ratio of 0.93 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders 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 dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FCX shares. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 24th. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Dbs Bank reduced their target price on Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Company Profile

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.