Freestone Capital Holdings LLC Has $3.71 Million Holdings in Freeport-McMoRan Inc. $FCX

Freestone Capital Holdings LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 43.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,622 shares of the natural resource company’s stock after acquiring an additional 25,854 shares during the period. Freestone Capital Holdings LLC’s holdings in Freeport-McMoRan were worth $3,712,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FCX. Brighton Jones LLC raised its stake in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC increased its stake in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Freeport-McMoRan by 226.5% during the first quarter. Teacher Retirement System of Texas now owns 276,753 shares of the natural resource company’s stock valued at $10,478,000 after acquiring an additional 192,001 shares during the period. Principal Financial Group Inc. increased its position in shares of Freeport-McMoRan by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,678,407 shares of the natural resource company’s stock worth $63,544,000 after purchasing an additional 10,163 shares in the last quarter. Finally, Capital Investment Advisory Services LLC lifted its holdings in Freeport-McMoRan by 3.2% during the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $41.76 on Monday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm has a market cap of $59.96 billion, a PE ratio of 29.41, a P/E/G ratio of 0.94 and a beta of 1.58. The business’s 50-day moving average price is $42.52 and its two-hundred day moving average price is $41.45.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 21.13%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FCX. Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 target price for the company. HSBC upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $43.00 to $50.00 in a research report on Friday, October 17th. Finally, Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.