Strengthening Families & Communities LLC Boosts Holdings in Freeport-McMoRan Inc. $FCX

Strengthening Families & Communities LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 42,617 shares of the natural resource company’s stock after purchasing an additional 261 shares during the quarter. Strengthening Families & Communities LLC’s holdings in Freeport-McMoRan were worth $1,822,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Strong Tower Advisory Services boosted its holdings in Freeport-McMoRan by 0.5% in the second quarter. Strong Tower Advisory Services now owns 203,604 shares of the natural resource company’s stock valued at $8,826,000 after purchasing an additional 941 shares during the last quarter. PDS Planning Inc boosted its holdings in Freeport-McMoRan by 13.2% in the second quarter. PDS Planning Inc now owns 8,226 shares of the natural resource company’s stock valued at $357,000 after purchasing an additional 961 shares during the last quarter. Fourpath Capital Management LLC boosted its holdings in Freeport-McMoRan by 5.0% in the second quarter. Fourpath Capital Management LLC now owns 6,827 shares of the natural resource company’s stock valued at $296,000 after purchasing an additional 323 shares during the last quarter. Shikiar Asset Management Inc. boosted its holdings in Freeport-McMoRan by 9.4% in the second quarter. Shikiar Asset Management Inc. now owns 151,235 shares of the natural resource company’s stock valued at $6,556,000 after purchasing an additional 13,050 shares during the last quarter. Finally, Mengis Capital Management Inc. boosted its holdings in Freeport-McMoRan by 14.3% in the second quarter. Mengis Capital Management Inc. now owns 34,153 shares of the natural resource company’s stock valued at $1,481,000 after purchasing an additional 4,285 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a report on Thursday, September 25th. Hsbc Global Res lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. BNP Paribas Exane lowered their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 target price on the stock in a research note on Thursday, September 25th. Finally, HSBC lowered their target price on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research note on Thursday, September 25th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.56.

Freeport-McMoRan Stock Down 5.5%

FCX opened at $40.92 on Friday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.28. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $42.51 and a 200 day moving average price of $40.55. The company has a market cap of $58.74 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 0.97 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.5%. 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.