Bank of Montreal Can Has $241.25 Million Position in Freeport-McMoRan Inc. $FCX

Bank of Montreal Can increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,565,063 shares of the natural resource company’s stock after acquiring an additional 196,666 shares during the period. Bank of Montreal Can owned about 0.39% of Freeport-McMoRan worth $241,245,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intellectus Partners LLC boosted its position in Freeport-McMoRan by 3.0% in the second quarter. Intellectus Partners LLC now owns 74,511 shares of the natural resource company’s stock valued at $3,230,000 after buying an additional 2,159 shares in the last quarter. Carrhae Capital LLP acquired a new position in Freeport-McMoRan in the second quarter valued at about $58,482,000. Sigma Planning Corp boosted its position in Freeport-McMoRan by 63.7% in the second quarter. Sigma Planning Corp now owns 58,327 shares of the natural resource company’s stock valued at $2,528,000 after buying an additional 22,692 shares in the last quarter. TIAA Trust National Association boosted its position in Freeport-McMoRan by 20.2% in the second quarter. TIAA Trust National Association now owns 329,243 shares of the natural resource company’s stock valued at $14,273,000 after buying an additional 55,381 shares in the last quarter. Finally, Regal Partners Ltd boosted its position in Freeport-McMoRan by 26.6% in the second quarter. Regal Partners Ltd now owns 2,865,713 shares of the natural resource company’s stock valued at $124,229,000 after buying an additional 601,518 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.2%

Shares of NYSE FCX opened at $41.18 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $59.12 billion, a PE ratio of 29.00, a P/E/G ratio of 0.94 and a beta of 1.58. The company has a 50-day moving average of $42.47 and a two-hundred day moving average of $41.51. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21.

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

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid 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 of this dividend was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 21.13%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $43.00 to $50.00 in a research report on Friday, October 17th. CICC Research reduced their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Dbs Bank dropped their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Royal Bank Of Canada dropped their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Finally, Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price for the company. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target 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.