Empowered Funds LLC Purchases 119,714 Shares of Freeport-McMoRan Inc. $FCX

Empowered Funds LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 99.7% during the 2nd quarter, Holdings Channel reports. The firm owned 239,822 shares of the natural resource company’s stock after purchasing an additional 119,714 shares during the period. Empowered Funds LLC’s holdings in Freeport-McMoRan were worth $10,396,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.6% in the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after buying an additional 1,941,662 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Amundi lifted its stake in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Freeport-McMoRan by 21.7% during the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after purchasing an additional 2,133,846 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $39.97 on Wednesday. The firm has a market cap of $57.39 billion, a P/E ratio of 28.15, a PEG ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The firm’s 50 day moving average price is $41.39 and its two-hundred day moving average price is $41.84.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business posted $0.38 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 21.13%.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Dbs Bank lowered their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, Johnson Rice decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.01.

Freeport-McMoRan 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.