Wulff Hansen & CO. Has $58.23 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Wulff Hansen & CO. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4,760.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,198,233 shares of the natural resource company’s stock after purchasing an additional 1,173,578 shares during the period. Wulff Hansen & CO. owned about 0.08% of Freeport-McMoRan worth $58,234,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after purchasing an additional 1,551,828 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.5 %

Shares of Freeport-McMoRan stock opened at $42.89 on Tuesday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The business has a fifty day simple moving average of $44.12 and a 200 day simple moving average of $47.05. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market cap of $61.61 billion, a PE ratio of 37.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.40%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FCX. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. 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 research note on Wednesday, July 24th. Scotiabank decreased their price target 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. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.07.

About Freeport-McMoRan

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.