Strategic Blueprint LLC Purchases 5,352 Shares of Freeport-McMoRan Inc. $FCX

Strategic Blueprint LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% in the second quarter, HoldingsChannel.com reports. The fund owned 93,204 shares of the natural resource company’s stock after buying an additional 5,352 shares during the period. Strategic Blueprint LLC’s holdings in Freeport-McMoRan were worth $4,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of FCX. Nuveen LLC bought a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $366,959,000. Amundi grew its position in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its holdings in shares of Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. BNP Paribas Exane dropped their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Dbs Bank dropped their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Finally, Morgan Stanley dropped their price objective on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Wednesday, October 8th. Four 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.92.

Freeport-McMoRan Stock Up 0.9%

NYSE FCX opened at $41.13 on Friday. The business has a fifty day moving average price of $42.57 and a two-hundred day moving average price of $40.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21. The stock has a market capitalization of $59.06 billion, a PE ratio of 31.16, a PEG ratio of 0.98 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.