Prudential Financial Inc. Has $90.80 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Prudential Financial Inc. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,094,606 shares of the natural resource company’s stock after purchasing an additional 408,797 shares during the quarter. Prudential Financial Inc. owned about 0.15% of Freeport-McMoRan worth $90,801,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Beacon Capital Management LLC increased its holdings in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares during the last quarter. Dagco Inc. bought a new stake in Freeport-McMoRan in the 1st quarter valued at $37,000. MTM Investment Management LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $43,000. Hilltop National Bank bought a new position in Freeport-McMoRan during the second quarter worth $43,000. Finally, NewSquare Capital LLC increased its holdings in shares of Freeport-McMoRan by 74.9% in the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after purchasing an additional 429 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FCX. CICC Research cut their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research note on Friday, September 26th. Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Morgan Stanley reduced their price objective on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, November 19th. HSBC lowered their target price on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Finally, BMO Capital Markets reduced their price target on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating for the company in a research note on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $46.73.

Freeport-McMoRan Stock Up 0.5%

NYSE FCX opened at $39.81 on Monday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $57.16 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 0.94 and a beta of 1.64. The company has a 50 day moving average of $41.09 and a 200-day moving average of $41.90. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12.

Freeport-McMoRan (NYSE:FCX) last posted 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 firm had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.38 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

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.