Bleakley Financial Group LLC Buys 5,236 Shares of Freeport-McMoRan Inc. $FCX

Bleakley Financial Group LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 2nd quarter, Holdings Channel reports. The firm owned 86,076 shares of the natural resource company’s stock after acquiring an additional 5,236 shares during the quarter. Bleakley Financial Group LLC’s holdings in Freeport-McMoRan were worth $3,731,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.5% during 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 acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Freeport-McMoRan by 17.8% in the first 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 raised its position in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after buying an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Freeport-McMoRan by 16.0% during the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after buying an additional 1,815,285 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. Royal Bank Of Canada lowered their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Raymond James Financial dropped their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Finally, CICC Research reduced their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $46.92.

Freeport-McMoRan Price Performance

FCX stock opened at $41.13 on Friday. The stock has a market capitalization of $59.06 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 0.98 and a beta of 1.58. The firm’s 50-day moving average price is $42.57 and its two-hundred day moving average price is $40.88. 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 Inc. has a 12-month low of $27.66 and a 12-month high of $49.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders 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 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

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.