First Dallas Securities Inc. Has $4.80 Million Stock Position in Freeport-McMoRan Inc. $FCX

First Dallas Securities Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the second quarter, HoldingsChannel reports. The firm owned 110,756 shares of the natural resource company’s stock after selling 2,785 shares during the quarter. Freeport-McMoRan accounts for 1.9% of First Dallas Securities Inc.’s holdings, making the stock its 11th largest position. First Dallas Securities Inc.’s holdings in Freeport-McMoRan were worth $4,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FCX. Dagco Inc. acquired a new stake in Freeport-McMoRan in the first quarter valued at about $37,000. Beacon Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $42,000. Finally, Hilltop National Bank bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $43,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.78 on Monday. The stock’s 50 day moving average is $42.09 and its 200 day moving average is $41.67. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The firm has a market cap of $57.12 billion, a P/E ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during 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 company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

Analysts Set New Price Targets

Several equities analysts recently commented on FCX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday. Scotiabank raised their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Jefferies Financial Group restated a “buy” rating and set a $46.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Finally, BNP Paribas Exane dropped their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.