Magnus Financial Group LLC Takes Position in Freeport-McMoRan Inc. $FCX

Magnus Financial Group LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,631 shares of the natural resource company’s stock, valued at approximately $331,000.

Other institutional investors have also recently bought and sold shares of the company. City Holding Co. acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $33,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth $37,000. CKW Financial Group purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $40,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan in the first quarter valued at $42,000. Finally, Wolff Wiese Magana LLC boosted its holdings in Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock valued at $44,000 after acquiring an additional 319 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $35.38 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company’s fifty day moving average price is $43.28 and its two-hundred day moving average price is $40.53. The firm has a market capitalization of $50.80 billion, a P/E ratio of 26.80, a P/E/G ratio of 0.70 and a beta of 1.59. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period in the previous year, the company earned $0.46 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FCX shares. BNP Paribas Exane dropped their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday. Scotiabank reiterated a “sector perform” rating and set a $45.00 price objective (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday. Clarkson Capital restated a “neutral” rating and set a $42.00 target price on shares of Freeport-McMoRan in a report on Thursday. Raymond James Financial decreased their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

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.