Parkside Investments LLC Boosts Holdings in Freeport-McMoRan Inc. $FCX

Parkside Investments LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 282,822 shares of the natural resource company’s stock after purchasing an additional 1,954 shares during the period. Freeport-McMoRan accounts for 1.7% of Parkside Investments LLC’s holdings, making the stock its 17th biggest holding. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $12,260,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Trivium Point Advisory LLC lifted its holdings in Freeport-McMoRan by 317.4% in the 2nd quarter. Trivium Point Advisory LLC now owns 83,444 shares of the natural resource company’s stock worth $3,617,000 after purchasing an additional 63,452 shares in the last quarter. HCR Wealth Advisors lifted its holdings in Freeport-McMoRan by 1.2% in the 2nd quarter. HCR Wealth Advisors now owns 30,678 shares of the natural resource company’s stock worth $1,330,000 after purchasing an additional 356 shares in the last quarter. HB Wealth Management LLC lifted its holdings in Freeport-McMoRan by 47.3% in the 2nd quarter. HB Wealth Management LLC now owns 44,175 shares of the natural resource company’s stock worth $1,915,000 after purchasing an additional 14,184 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Freeport-McMoRan by 1.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 420,411 shares of the natural resource company’s stock worth $18,225,000 after acquiring an additional 3,984 shares during the last quarter. Finally, GC Wealth Management RIA LLC bought a new stake in Freeport-McMoRan in the 2nd quarter worth approximately $296,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $37.14 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.45. The stock has a market capitalization of $53.32 billion, a price-to-earnings ratio of 28.14, a P/E/G ratio of 0.68 and a beta of 1.59. The stock has a fifty day simple moving average of $42.94 and a two-hundred day simple moving average of $40.56. 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 (NYSE:FCX) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FCX shares. Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Bank of America downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $42.00 target price on the stock. in a research report on Wednesday, September 24th. BNP Paribas Exane cut their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Finally, Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.74.

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.