Evelyn Partners Investment Management LLP Buys 45,683 Shares of Freeport-McMoRan Inc. $FCX

Evelyn Partners Investment Management LLP raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 13.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 395,226 shares of the natural resource company’s stock after buying an additional 45,683 shares during the period. Evelyn Partners Investment Management LLP’s holdings in Freeport-McMoRan were worth $23,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of FCX. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $29,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 1st quarter worth approximately $29,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $30,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.0%

Shares of NYSE FCX opened at $62.62 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market capitalization of $90.02 billion, a P/E ratio of 30.85, a PEG ratio of 0.61 and a beta of 1.37. The stock’s fifty day moving average is $63.62 and its 200 day moving average is $62.43.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Analyst Ratings Changes

A number of research analysts have commented on FCX shares. BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Morgan Stanley upped their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Barclays lifted their price objective on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings downgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $70.27.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.