Freeport-McMoRan Inc. $FCX Position Increased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 41.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,088 shares of the natural resource company’s stock after acquiring an additional 14,033 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $2,085,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stratos Investment Management LLC boosted its holdings in shares of Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. boosted its holdings in shares of Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock valued at $1,498,000 after acquiring an additional 6,188 shares during the period. Callan Family Office LLC boosted its holdings in shares of Freeport-McMoRan by 229.9% during the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares during the period. Bourgeon Capital Management LLC boosted its holdings in shares of Freeport-McMoRan by 8.1% during the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after acquiring an additional 24,803 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock valued at $15,957,000 after acquiring an additional 8,989 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $42.01 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.12. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $60.31 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 0.98 and a beta of 1.58. The firm has a 50-day moving average of $42.59 and a two-hundred day moving average of $40.59.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the company earned $0.46 EPS. Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share 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. Shareholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, October 2nd. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Finally, BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $46.56.

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.