NorthRock Partners LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 59.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,228 shares of the natural resource company’s stock after purchasing an additional 8,653 shares during the quarter. NorthRock Partners LLC’s holdings in Freeport-McMoRan were worth $1,007,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Beacon Capital Management LLC boosted its position in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $37,000. Hilltop National Bank bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $43,000. CKW Financial Group bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $42,000. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Stock Performance
Shares of NYSE FCX opened at $42.01 on Wednesday. The stock has a market cap of $60.31 billion, a price-to-earnings ratio of 31.82, a P/E/G ratio of 0.98 and a beta of 1.58. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12. The stock’s 50-day moving average is $42.59 and its 200 day moving average is $40.59.
Freeport-McMoRan Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 22.73%.
Analyst Upgrades and Downgrades
FCX has been the subject of a number of research analyst reports. Clarkson Capital reiterated a “neutral” rating and set a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Scotiabank reiterated a “sector perform” rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Raymond James Financial dropped their price target on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Hsbc Global Res cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.56.
Check Out Our Latest Analysis on FCX
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.
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