Resonant Capital Advisors LLC Grows Stake in Freeport-McMoRan Inc. $FCX

Resonant Capital Advisors LLC lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 6,736 shares of the natural resource company’s stock after acquiring an additional 627 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $292,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Interchange Capital Partners LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $204,000. Brighton Jones LLC grew its position in Freeport-McMoRan by 129.2% in the second quarter. Brighton Jones LLC now owns 32,693 shares of the natural resource company’s stock valued at $1,417,000 after acquiring an additional 18,426 shares in the last quarter. Burke & Herbert Bank & Trust Co. purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $208,000. CVA Family Office LLC lifted its position in shares of 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 worth $66,000 after purchasing an additional 268 shares in the last quarter. Finally, Brian Low Financial Group LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $477,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $41.04 on Tuesday. The stock has a market capitalization of $58.92 billion, a PE ratio of 28.90, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. The business’s fifty day moving average price is $42.54 and its 200 day moving average price is $41.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. 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 earnings results 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. 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 for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced 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 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

Analysts Set New Price Targets

FCX has been the topic of several analyst reports. HSBC raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $50.00 in a research note on Friday, October 17th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 8th. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Finally, Dbs Bank cut their target price on Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

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.