Parsons Capital Management Inc. RI Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Parsons Capital Management Inc. RI lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 149.1% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 43,834 shares of the natural resource company’s stock after acquiring an additional 26,240 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Freeport-McMoRan were worth $2,130,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FCX. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the first quarter worth about $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Jones Financial Companies Lllp raised its holdings in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $32,000. Finally, Versant Capital Management Inc grew its holdings in shares of Freeport-McMoRan by 209.9% during the second quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock valued at $32,000 after buying an additional 445 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.1 %

Shares of NYSE FCX opened at $44.19 on Tuesday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The business’s 50 day moving average is $46.69 and its two-hundred day moving average is $46.42. The stock has a market capitalization of $63.48 billion, a P/E ratio of 39.16, a PEG ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 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 1.36%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

Several research analysts have recently weighed in on FCX shares. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Scotiabank dropped their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday. UBS Group lifted their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Finally, Argus upped their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.67.

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.