Freeport-McMoRan Inc. $FCX Shares Acquired by Argyle Capital Management LLC

Argyle Capital Management LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,670 shares of the natural resource company’s stock after purchasing an additional 500 shares during the quarter. Argyle Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,546,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Stratos Investment Management LLC grew its position in shares of Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after purchasing an additional 45,458 shares during the last quarter. Community Bank N.A. grew its position in shares of Freeport-McMoRan by 18.5% in the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock valued at $1,498,000 after purchasing an additional 6,188 shares during the last quarter. Bourgeon Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 8.1% during the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after buying an additional 24,803 shares during the period. Arizona State Retirement System lifted its stake in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock valued at $15,957,000 after buying an additional 8,989 shares during the period. Finally, Financial Sense Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock valued at $2,882,000 after buying an additional 64,003 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective on the stock in a research note on Thursday, September 25th. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, October 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $43.31 on Friday. The company’s fifty day simple moving average is $42.49 and its 200-day simple moving average is $40.57. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.28. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $62.18 billion, a PE ratio of 32.81, a P/E/G ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter last year, the firm posted $0.46 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

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.