Brookstone Capital Management decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,574 shares of the natural resource company’s stock after selling 559 shares during the period. Brookstone Capital Management’s holdings in Freeport-McMoRan were worth $254,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the business. Beech Hill Advisors Inc. boosted its stake in Freeport-McMoRan by 1.5% during the second quarter. Beech Hill Advisors Inc. now owns 47,300 shares of the natural resource company’s stock valued at $1,892,000 after buying an additional 700 shares during the period. Czech National Bank boosted its stake in Freeport-McMoRan by 0.8% during the second quarter. Czech National Bank now owns 169,672 shares of the natural resource company’s stock valued at $6,787,000 after buying an additional 1,311 shares during the period. Level Four Advisory Services LLC boosted its stake in Freeport-McMoRan by 14.3% during the second quarter. Level Four Advisory Services LLC now owns 11,698 shares of the natural resource company’s stock valued at $468,000 after buying an additional 1,461 shares during the period. AE Wealth Management LLC boosted its stake in Freeport-McMoRan by 7.6% during the second quarter. AE Wealth Management LLC now owns 111,676 shares of the natural resource company’s stock valued at $4,467,000 after buying an additional 7,891 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its stake in Freeport-McMoRan by 4.4% during the second quarter. Trust Co. of Toledo NA OH now owns 11,351 shares of the natural resource company’s stock valued at $454,000 after buying an additional 475 shares during the period. Institutional investors own 77.96% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have issued reports on FCX shares. Scotiabank dropped their price target on Freeport-McMoRan from $49.00 to $48.00 in a research note on Tuesday, July 25th. StockNews.com started coverage on Freeport-McMoRan in a research note on Thursday, August 17th. They set a “hold” rating for the company. Sanford C. Bernstein started coverage on Freeport-McMoRan in a research note on Thursday, June 29th. They set a “market perform” rating and a $41.00 price target for the company. Stifel Nicolaus dropped their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. Finally, 1-800-FLOWERS.COM reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $40.38.
Freeport-McMoRan Trading Down 0.2 %
NYSE FCX opened at $37.15 on Friday. Freeport-McMoRan Inc. has a 1-year low of $26.03 and a 1-year high of $46.73. The company has a current ratio of 2.94, a quick ratio of 1.72 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average of $40.71 and a 200-day moving average of $39.16. The firm has a market cap of $53.26 billion, a PE ratio of 25.62 and a beta of 2.07.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The business had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.61 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.
Freeport-McMoRan Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.62%. Freeport-McMoRan’s dividend payout ratio is presently 20.69%.
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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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