Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Founders Financial Securities LLC

Founders Financial Securities LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,390 shares of the natural resource company’s stock after buying an additional 677 shares during the period. Founders Financial Securities LLC’s holdings in Freeport-McMoRan were worth $942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $417,752,000. Boston Partners raised its holdings in Freeport-McMoRan by 13,248.4% in the fourth quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after buying an additional 5,311,538 shares during the period. Capital World Investors lifted its position in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares in the last quarter. Finally, Asia Research & Capital Management Ltd purchased a new stake in Freeport-McMoRan during the first quarter worth approximately $197,966,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank reduced their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $41.61 on Thursday. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $45.47 and a two-hundred day moving average of $46.82. The company has a market cap of $59.77 billion, a P/E ratio of 36.82, a PEG ratio of 2.08 and a beta of 1.92. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period in the prior year, the business earned $0.35 EPS. The firm’s revenue was up 15.5% on a year-over-year basis. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Freeport-McMoRan 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.