PNC Financial Services Group Inc. Buys 19,645 Shares of Freeport-McMoRan Inc. $FCX

PNC Financial Services Group Inc. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 298,083 shares of the natural resource company’s stock after purchasing an additional 19,645 shares during the period. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $17,521,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its stake 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 valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Freeport-McMoRan in the 2nd quarter worth $560,000. Brown Advisory Inc. boosted its holdings in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after buying an additional 2,648 shares during the period. Finally, Jump Financial LLC increased its stake in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after buying an additional 14,992 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Raymond James Financial dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Wells Fargo & Company raised their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $70.18.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Trading Down 1.5%

Shares of NYSE FCX opened at $62.54 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13. The business’s 50 day moving average is $63.58 and its two-hundred day moving average is $62.33. The stock has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a PEG ratio of 0.63 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the previous year, the company posted $0.54 EPS. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 2.72 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend 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.