Edgestream Partners L.P. Purchases 21,270 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Edgestream Partners L.P. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 52,580 shares of the natural resource company’s stock after buying an additional 21,270 shares during the quarter. Edgestream Partners L.P.’s holdings in Freeport-McMoRan were worth $2,555,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FCX. Pekin Hardy Strauss Inc. boosted its holdings in shares of Freeport-McMoRan by 7.7% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 69,365 shares of the natural resource company’s stock worth $3,371,000 after acquiring an additional 4,975 shares in the last quarter. Excalibur Management Corp bought a new position in Freeport-McMoRan in the 2nd quarter valued at $215,000. Wulff Hansen & CO. boosted its stake in Freeport-McMoRan by 4,760.0% in the second quarter. Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company’s stock worth $58,234,000 after purchasing an additional 1,173,578 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Freeport-McMoRan during the second quarter worth $40,158,000. Finally, Citizens Financial Group Inc. RI increased its stake in shares of Freeport-McMoRan by 0.7% in the second quarter. Citizens Financial Group Inc. RI now owns 190,108 shares of the natural resource company’s stock valued at $9,239,000 after buying an additional 1,283 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $43.92 on Thursday. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $63.09 billion, a P/E ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The stock’s 50-day moving average price is $43.97 and its two-hundred day moving average price is $47.09. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Raymond James reduced their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.07.

About Freeport-McMoRan

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.