Jones Financial Companies Lllp Has $30.59 Million Stock Position in Freeport-McMoRan Inc. $FCX

Jones Financial Companies Lllp boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 46.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 489,796 shares of the natural resource company’s stock after purchasing an additional 154,479 shares during the quarter. Jones Financial Companies Lllp’s holdings in Freeport-McMoRan were worth $30,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after buying an additional 1,572,769 shares during the period. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares in the last quarter. State Street Corp raised its holdings in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares during the period. Bank of America Corp DE raised its stake in shares of Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $77.79 on Tuesday. The firm’s fifty day moving average price is $64.71 and its two-hundred day moving average price is $63.53. The stock has a market cap of $111.71 billion, a PE ratio of 38.32, a PEG ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $78.88.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the business posted $0.54 EPS. Freeport-McMoRan’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. This represents a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,600 shares of company stock worth $1,802,012 over the last three months. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FCX shares. BNP Paribas Exane raised their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Morgan Stanley raised their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Barclays boosted their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Jefferies Financial Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.