CVA Family Office LLC Boosts Stock Holdings in Freeport-McMoRan Inc. $FCX

CVA Family Office LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 21.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,527 shares of the natural resource company’s stock after purchasing an additional 268 shares during the period. CVA Family Office LLC’s holdings in Freeport-McMoRan were worth $66,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Callan Family Office LLC raised its holdings in Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares during the period. Stratos Investment Management LLC raised its stake in shares of Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after purchasing an additional 45,458 shares during the period. Bourgeon Capital Management LLC raised its stake in shares of Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares during the period. Arizona State Retirement System lifted its holdings in Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Finally, Financial Sense Advisors Inc. boosted its stake in Freeport-McMoRan by 527.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock worth $2,882,000 after purchasing an additional 64,003 shares during the period. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Clarkson Capital reiterated a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Dbs Bank reduced their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Finally, Morgan Stanley lowered their price objective on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.92.

Freeport-McMoRan Price Performance

FCX stock opened at $41.34 on Monday. The firm has a 50 day simple moving average of $42.55 and a two-hundred day simple moving average of $41.10. The stock has a market cap of $59.36 billion, a PE ratio of 29.12, a P/E/G ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the previous year, the firm posted $0.38 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. On average, analysts predict 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. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date 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 21.13%.

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.