Stephens Inc. AR Boosts Position in Freeport-McMoRan Inc. $FCX

Stephens Inc. AR raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 74.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,611 shares of the natural resource company’s stock after buying an additional 41,256 shares during the period. Stephens Inc. AR’s holdings in Freeport-McMoRan were worth $5,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in Freeport-McMoRan by 24.2% during the 4th 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 in the last quarter. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $560,000. Brown Advisory Inc. lifted its stake in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC lifted its stake in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on FCX shares. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Sanford C. Bernstein raised their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Barclays started coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. Raymond James Financial reduced their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Finally, BNP Paribas Exane increased their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $59.27 on Wednesday. The company has a 50 day moving average price of $63.77 and a 200 day moving average price of $61.51. The firm has a market capitalization of $85.21 billion, a P/E ratio of 31.53, a PEG ratio of 0.63 and a beta of 1.37. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.59 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.