Freeport-McMoRan Inc. $FCX Stock Holdings Lifted by Wesleyan Assurance Society

Wesleyan Assurance Society lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 24.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 380,000 shares of the natural resource company’s stock after acquiring an additional 75,000 shares during the period. Freeport-McMoRan comprises approximately 1.1% of Wesleyan Assurance Society’s holdings, making the stock its 26th largest position. Wesleyan Assurance Society’s holdings in Freeport-McMoRan were worth $16,465,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC grew its position in Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after purchasing an additional 261 shares in the last quarter. CVA Family Office LLC grew its position in Freeport-McMoRan by 21.3% during the second quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock valued at $66,000 after purchasing an additional 268 shares in the last quarter. Cypress Wealth Services LLC grew its position in Freeport-McMoRan by 4.6% during the second quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after purchasing an additional 273 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after purchasing an additional 275 shares in the last quarter. Finally, Princeton Capital Management LLC grew its position in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

NYSE FCX opened at $41.34 on Monday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $59.36 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. The company has a 50 day moving average price of $42.55 and a two-hundred day moving average price of $41.10. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 earnings per share. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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 issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research analyst reports. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Sanford C. Bernstein lowered their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday. 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 company’s stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $46.92.

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.