HBK Sorce Advisory LLC Raises Stock Holdings in Freeport-McMoRan Inc. $FCX

HBK Sorce Advisory LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 21.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 11,901 shares of the natural resource company’s stock after purchasing an additional 2,083 shares during the period. HBK Sorce Advisory LLC’s holdings in Freeport-McMoRan were worth $516,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Beacon Capital Management LLC raised its position in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares in the last quarter. Dagco Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $37,000. Hilltop National Bank bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $43,000. CKW Financial Group bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan in the first quarter worth about $42,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 0.1%

Shares of NYSE:FCX opened at $41.76 on Friday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The business’s fifty day simple moving average is $42.52 and its 200-day simple moving average is $41.34. The company has a market capitalization of $59.96 billion, a PE ratio of 29.41, a P/E/G ratio of 0.94 and a beta of 1.58. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FCX shares. CICC Research dropped their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday, October 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.