PCJ Investment Counsel Ltd. Buys Shares of 35,000 Freeport-McMoRan Inc. $FCX

PCJ Investment Counsel Ltd. bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, Holdings Channel reports. The institutional investor bought 35,000 shares of the natural resource company’s stock, valued at approximately $1,517,000.

A number of other large investors also recently modified their holdings of FCX. Brighton Jones LLC boosted its stake in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Freeport-McMoRan by 3.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,469,761 shares of the natural resource company’s stock worth $55,645,000 after purchasing an additional 42,664 shares during the last quarter. TD Private Client Wealth LLC boosted its position in Freeport-McMoRan by 8.7% during the 1st quarter. TD Private Client Wealth LLC now owns 12,868 shares of the natural resource company’s stock valued at $487,000 after purchasing an additional 1,031 shares during the period. Finally, Greenleaf Trust boosted its position in Freeport-McMoRan by 1.2% during the 1st quarter. Greenleaf Trust now owns 26,093 shares of the natural resource company’s stock valued at $988,000 after purchasing an additional 316 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FCX shares. Morgan Stanley cut their target price on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 8th. Raymond James Financial decreased their target price on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Bank of America raised 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. Finally, Johnson Rice lowered their price target on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $39.78 on Friday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The stock has a market cap of $57.12 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company’s 50-day moving average price is $42.09 and its two-hundred day moving average price is $41.57.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a $0.15 dividend. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s payout ratio is 21.13%.

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.