Archer Investment Corp Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Archer Investment Corp lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1,296.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 754 shares of the natural resource company’s stock after buying an additional 700 shares during the period. Archer Investment Corp’s holdings in Freeport-McMoRan were worth $37,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $26,000. Jones Financial Companies Lllp boosted its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the period. RFP Financial Group LLC increased its position in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 426 shares during the period. Finally, POM Investment Strategies LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at about $31,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several recent analyst reports. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Scotiabank cut their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Up 0.6 %

Shares of Freeport-McMoRan stock opened at $41.61 on Thursday. The firm has a market cap of $59.77 billion, a price-to-earnings ratio of 36.82, a PEG ratio of 2.08 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a 50-day moving average of $45.47 and a 200 day moving average of $46.82.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the firm posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.