Daymark Wealth Partners LLC Increases Stock Holdings in Freeport-McMoRan Inc. $FCX

Daymark Wealth Partners LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,973 shares of the natural resource company’s stock after purchasing an additional 521 shares during the period. Daymark Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $562,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Callan Family Office LLC grew its stake in shares of Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after buying an additional 18,803 shares during the period. Stratos Investment Management LLC grew its stake in shares of Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after buying an additional 45,458 shares during the period. New York Life Investment Management LLC grew its stake in shares of Freeport-McMoRan by 11.8% during the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after buying an additional 22,766 shares during the period. Bourgeon Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 8.1% during the 2nd 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 in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Freeport-McMoRan by 2.2% during the 1st 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 in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.72 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The firm has a 50-day moving average of $42.55 and a two-hundred day moving average of $41.28. The stock has a market cap of $59.90 billion, a P/E ratio of 29.38, a PEG ratio of 0.94 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders 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 yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCX. Scotiabank lifted their target price on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. Raymond James Financial reduced their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. BNP Paribas Exane reduced their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, September 30th. 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.01.

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.