Freeport-McMoRan Inc. $FCX Position Lifted by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 49.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,700 shares of the natural resource company’s stock after acquiring an additional 9,543 shares during the period. Chicago Partners Investment Group LLC’s holdings in Freeport-McMoRan were worth $1,687,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Steph & Co. increased its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $29,000. SHP Wealth Management acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Finally, JPL Wealth Management LLC bought a new position in Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCX shares. Jefferies Financial Group boosted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Barclays started coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective on the stock. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Finally, The Goldman Sachs Group dropped their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $68.63.

Freeport-McMoRan Stock Up 3.2%

Shares of Freeport-McMoRan stock opened at $61.90 on Wednesday. The business’s fifty day moving average price is $63.97 and its two-hundred day moving average price is $61.86. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company has a market capitalization of $88.98 billion, a P/E ratio of 32.93, a PEG ratio of 0.60 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.