Hodges Capital Management Inc. Raises Stock Holdings in Freeport-McMoRan Inc. $FCX

Hodges Capital Management Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 458,839 shares of the natural resource company’s stock after purchasing an additional 12,924 shares during the period. Freeport-McMoRan makes up about 1.9% of Hodges Capital Management Inc.’s holdings, making the stock its 11th largest holding. Hodges Capital Management Inc.’s holdings in Freeport-McMoRan were worth $19,891,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Callan Family Office LLC grew its stake in Freeport-McMoRan by 229.9% during the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after buying an additional 18,803 shares during the period. New York Life Investment Management LLC raised its stake in shares of Freeport-McMoRan by 11.8% in 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 acquiring 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. Arizona State Retirement System boosted its position in 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 worth $15,957,000 after purchasing an additional 8,989 shares during the period. Finally, Mercuria Capital Strategies LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at $9,970,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on FCX shares. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Deutsche Bank Aktiengesellschaft reduced their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Trading Up 2.9%

NYSE:FCX opened at $39.78 on Monday. The stock has a market cap of $57.12 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The business’s 50-day simple moving average is $42.09 and its 200 day simple moving average is $41.67.

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, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the firm earned $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

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.