Jacobi Capital Management LLC Boosts Stock Position in Freeport-McMoRan Inc. $FCX

Jacobi Capital Management LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,675 shares of the natural resource company’s stock after buying an additional 1,214 shares during the period. Jacobi Capital Management LLC’s holdings in Freeport-McMoRan were worth $631,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Geneos Wealth Management Inc. grew its stake in shares of Freeport-McMoRan by 58.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 11,588 shares of the natural resource company’s stock worth $439,000 after buying an additional 4,287 shares during the last quarter. Ransom Advisory Ltd purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $602,000. Glenview Trust co purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $203,000. Advisory Alpha LLC grew its stake in shares of Freeport-McMoRan by 22.8% in the 1st quarter. Advisory Alpha LLC now owns 9,197 shares of the natural resource company’s stock worth $348,000 after buying an additional 1,710 shares during the last quarter. Finally, Bayforest Capital Ltd grew its stake in shares of Freeport-McMoRan by 35.3% in the 1st quarter. Bayforest Capital Ltd now owns 3,948 shares of the natural resource company’s stock worth $149,000 after buying an additional 1,030 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $44.72 on Friday. The business’s fifty day moving average price is $43.66 and its 200-day moving average price is $40.12. The stock has a market capitalization of $64.21 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 0.87 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the prior year, the firm earned $0.46 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Analysts Set New Price Targets

Several analysts recently weighed in on FCX shares. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target on the stock. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada upped their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. upped their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.00.

About Freeport-McMoRan

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.