Brookwood Investment Group LLC Invests $258,000 in Freeport-McMoRan Inc. $FCX

Brookwood Investment Group LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, HoldingsChannel reports. The firm bought 5,943 shares of the natural resource company’s stock, valued at approximately $258,000.

A number of other institutional investors also recently modified their holdings of the company. Strengthening Families & Communities LLC boosted its holdings in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after purchasing an additional 261 shares during the period. CVA Family Office LLC raised its stake in Freeport-McMoRan by 21.3% in the second quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock worth $66,000 after buying an additional 268 shares in the last quarter. Cypress Wealth Services LLC raised its stake in Freeport-McMoRan by 4.6% in the second quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock worth $270,000 after buying an additional 273 shares in the last quarter. Kestra Private Wealth Services LLC raised its stake in Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Finally, Princeton Capital Management LLC raised its stake in Freeport-McMoRan by 1.1% in the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock worth $984,000 after buying an additional 275 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FCX shares. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Wednesday, October 8th. Scotiabank increased their price target on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price target 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. Finally, Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.16 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21. The company has a 50 day simple moving average of $42.53 and a two-hundred day simple moving average of $41.22. The company has a market capitalization of $59.10 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 0.93 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share. Analysts expect 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. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

About Freeport-McMoRan

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.