Freeport-McMoRan Inc. $FCX Shares Bought by West Family Investments Inc.

West Family Investments Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 91.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,983 shares of the natural resource company’s stock after purchasing an additional 6,666 shares during the period. West Family Investments Inc.’s holdings in Freeport-McMoRan were worth $606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Schroder Investment Management Group increased its holdings in Freeport-McMoRan by 14.2% in the second quarter. Schroder Investment Management Group now owns 2,193,216 shares of the natural resource company’s stock valued at $95,076,000 after buying an additional 272,955 shares during the last quarter. Ceredex Value Advisors LLC boosted its position in shares of Freeport-McMoRan by 137.3% during the 2nd quarter. Ceredex Value Advisors LLC now owns 1,644,018 shares of the natural resource company’s stock worth $71,268,000 after acquiring an additional 951,318 shares in the last quarter. F m Investments LLC increased its holdings in shares of Freeport-McMoRan by 2.5% in the 2nd quarter. F m Investments LLC now owns 94,767 shares of the natural resource company’s stock valued at $4,108,000 after acquiring an additional 2,311 shares during the last quarter. General Pension Society PZU Joint Stock Co raised its position in shares of Freeport-McMoRan by 17.6% during the 2nd quarter. General Pension Society PZU Joint Stock Co now owns 1,392,153 shares of the natural resource company’s stock worth $60,350,000 after acquiring an additional 208,249 shares in the last quarter. Finally, Crake Asset Management LLP lifted its stake in Freeport-McMoRan by 60.6% during the second quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock worth $412,808,000 after purchasing an additional 3,593,050 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $42.91 on Friday. The stock has a fifty day moving average price of $40.75 and a 200 day moving average price of $41.99. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a market cap of $61.61 billion, a PE ratio of 30.21, a P/E/G ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 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 quarter in the prior year, the firm earned $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s payout ratio is presently 21.13%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FCX. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 19th. JPMorgan Chase & Co. increased their target price 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. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday. Johnson Rice dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Buy” and a consensus target price of $46.73.

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.