Jackson Thornton Wealth Management LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Jackson Thornton Wealth Management LLC purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, HoldingsChannel.com reports. The fund purchased 4,617 shares of the natural resource company’s stock, valued at approximately $214,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after purchasing an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.3%

NYSE:FCX opened at $42.14 on Tuesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.12. 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 50-day simple moving average is $42.65 and its 200 day simple moving average is $40.80. The firm has a market capitalization of $60.50 billion, a P/E ratio of 31.92, a PEG ratio of 0.96 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued 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 1.4%. Freeport-McMoRan’s payout ratio is 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. CICC Research dropped their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. UBS Group set a $48.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 14th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

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.