Freeport-McMoRan Inc. $FCX Position Boosted by Quadrant Private Wealth Management LLC

Quadrant Private Wealth Management LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 63,279 shares of the natural resource company’s stock after acquiring an additional 3,731 shares during the quarter. Quadrant Private Wealth Management LLC’s holdings in Freeport-McMoRan were worth $2,743,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the period. Dagco Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth about $37,000. Hilltop National Bank bought a new position in Freeport-McMoRan in the 2nd quarter valued at about $43,000. NewSquare Capital LLC boosted its position in shares of Freeport-McMoRan by 74.9% during the 2nd quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after purchasing an additional 429 shares in the last quarter. Finally, CKW Financial Group bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.9%

FCX stock opened at $39.78 on Friday. The company has a market cap of $57.12 billion, a price-to-earnings ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12. The business has a 50 day moving average price of $42.09 and a two-hundred day moving average price of $41.57. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period last year, the business posted $0.38 EPS. Freeport-McMoRan’s revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 30th. BMO Capital Markets reduced their price target on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. BNP Paribas Exane lowered their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.01.

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.