Baxter Bros Inc. Has $1.03 Million Position in Freeport-McMoRan Inc. $FCX

Baxter Bros Inc. lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 11.0% in the second quarter, Holdings Channel.com reports. The firm owned 23,852 shares of the natural resource company’s stock after selling 2,950 shares during the quarter. Baxter Bros Inc.’s holdings in Freeport-McMoRan were worth $1,034,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stratos Investment Management LLC increased its stake in shares of Freeport-McMoRan by 238.5% in the first 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. Community Bank N.A. increased its stake in shares of Freeport-McMoRan by 18.5% in the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock valued at $1,498,000 after buying an additional 6,188 shares during the period. Bourgeon Capital Management LLC increased its stake in shares of Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after buying an additional 24,803 shares during the period. Arizona State Retirement System increased its stake in shares of Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock valued at $15,957,000 after buying an additional 8,989 shares during the period. Finally, Financial Sense Advisors Inc. increased its stake in shares of Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock valued at $2,882,000 after buying an additional 64,003 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HSBC decreased their price target on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating for the company in a research note on Thursday, September 25th. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Jefferies Financial Group reissued a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday. Finally, Royal Bank Of Canada cut their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Freeport-McMoRan Stock Up 5.3%

Shares of NYSE:FCX opened at $42.85 on Thursday. The business’s 50 day simple moving average is $42.43 and its two-hundred day simple moving average is $40.56. The firm has a market cap of $61.52 billion, a P/E ratio of 32.46, a PEG ratio of 0.90 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.