Stokes Family Office LLC Purchases 2,907 Shares of Freeport-McMoRan Inc. $FCX

Stokes Family Office LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 17,081 shares of the natural resource company’s stock after acquiring an additional 2,907 shares during the quarter. Stokes Family Office LLC’s holdings in Freeport-McMoRan were worth $740,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Beacon Capital Management LLC increased 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 worth $38,000 after purchasing an additional 327 shares in the last quarter. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $37,000. Hilltop National Bank purchased a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $43,000. NewSquare Capital LLC grew its stake in Freeport-McMoRan by 74.9% in the 2nd quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after buying an additional 429 shares in the last quarter. Finally, CKW Financial Group bought a new stake in Freeport-McMoRan during the 1st quarter valued at $40,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.78 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a market cap of $57.12 billion, a P/E ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The firm’s fifty day moving average price is $42.09 and its 200-day moving average price is $41.57.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of analyst reports. Dbs Bank decreased their price objective on Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Scotiabank increased their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. CICC Research reduced their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research note on Friday, September 26th. 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $47.01.

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.