Denver PWM LLC Purchases New Shares in Freeport-McMoRan Inc. (NYSE:FCX)

Denver PWM LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,372 shares of the natural resource company’s stock, valued at approximately $67,000.

A number of other hedge funds have also bought and sold shares of FCX. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth about $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. Jones Financial Companies Lllp boosted its position in shares of Freeport-McMoRan by 422.2% during the fourth 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 grew its stake in shares of Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the last quarter. Finally, POM Investment Strategies LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $31,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a research report on Wednesday. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, Raymond James lowered their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Stock Down 0.5 %

NYSE:FCX opened at $41.41 on Friday. The company’s 50-day simple moving average is $45.33 and its 200-day simple moving average is $46.78. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock has a market capitalization of $59.48 billion, a P/E ratio of 36.64, a P/E/G ratio of 2.08 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) 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.