Freeport-McMoRan Inc. $FCX Shares Bought by Blume Capital Management Inc.

Blume Capital Management Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 23.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 228,481 shares of the natural resource company’s stock after acquiring an additional 44,132 shares during the period. Freeport-McMoRan comprises 2.0% of Blume Capital Management Inc.’s portfolio, making the stock its 21st largest holding. Blume Capital Management Inc.’s holdings in Freeport-McMoRan were worth $9,905,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares in the last quarter. CKW Financial Group acquired a new position in Freeport-McMoRan during the first quarter worth $40,000. Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan in the first quarter worth $42,000. Finally, Hilltop National Bank acquired a new stake in Freeport-McMoRan in the second quarter valued at $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Stifel Nicolaus began coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 30th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Finally, CICC Research dropped their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Stock Down 2.0%

FCX opened at $41.36 on Wednesday. The firm has a market cap of $59.38 billion, a P/E ratio of 31.33, a PEG ratio of 0.99 and a beta of 1.58. The business’s fifty day simple moving average is $42.64 and its 200 day simple moving average is $40.81. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.12. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.