Chevy Chase Trust Holdings LLC Grows Stock Holdings in Freeport-McMoRan Inc. $FCX

Chevy Chase Trust Holdings LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 758,967 shares of the natural resource company’s stock after buying an additional 4,917 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Freeport-McMoRan worth $32,901,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of FCX. Brighton Jones LLC grew its stake in 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 buying an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its stake in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares in the last quarter. GAMMA Investing LLC grew its stake in Freeport-McMoRan by 5.6% in the 1st quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock valued at $863,000 after buying an additional 1,219 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake in Freeport-McMoRan by 1.0% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 33,307 shares of the natural resource company’s stock valued at $1,261,000 after buying an additional 327 shares in the last quarter. Finally, CWA Asset Management Group LLC grew its stake in Freeport-McMoRan by 3.7% in the 1st quarter. CWA Asset Management Group LLC now owns 14,038 shares of the natural resource company’s stock valued at $531,000 after buying an additional 507 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.18 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company has a market capitalization of $59.12 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.95 and a beta of 1.58. The company has a fifty day moving average of $42.64 and a 200-day moving average of $40.65.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 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 previous year, the firm posted $0.46 EPS. The firm’s revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FCX. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target for the company. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $43.00 to $50.00 in a research report on Friday. Finally, Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.90.

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.