LRI Investments LLC Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

LRI Investments LLC boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 880.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,322 shares of the natural resource company’s stock after purchasing an additional 4,779 shares during the quarter. LRI Investments LLC’s holdings in Freeport-McMoRan were worth $259,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FCX. EdgeRock Capital LLC acquired a new stake in Freeport-McMoRan in the 2nd quarter worth about $60,000. Family Firm Inc. purchased a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $44,000. Zweig DiMenna Associates LLC increased its position in shares of Freeport-McMoRan by 30.1% during the second quarter. Zweig DiMenna Associates LLC now owns 344,700 shares of the natural resource company’s stock worth $16,752,000 after purchasing an additional 79,800 shares in the last quarter. Traynor Capital Management Inc. raised its stake in Freeport-McMoRan by 27.0% in the 2nd quarter. Traynor Capital Management Inc. now owns 157,238 shares of the natural resource company’s stock valued at $7,642,000 after purchasing an additional 33,473 shares during the last quarter. Finally, Quotient Wealth Partners LLC lifted its holdings in Freeport-McMoRan by 44.6% in the 2nd quarter. Quotient Wealth Partners LLC now owns 11,801 shares of the natural resource company’s stock valued at $574,000 after purchasing an additional 3,640 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 3.1 %

NYSE FCX opened at $44.66 on Friday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $64.15 billion, a P/E ratio of 39.52, a PEG ratio of 2.07 and a beta of 1.92. The firm’s 50-day moving average is $46.30 and its two-hundred day moving average is $46.49. 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 (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the business posted $0.35 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FCX shares. Raymond James dropped their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank decreased their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft upped their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

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.