Strong Tower Advisory Services Has $8.83 Million Stock Position in Freeport-McMoRan Inc. $FCX

Strong Tower Advisory Services boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 203,604 shares of the natural resource company’s stock after buying an additional 941 shares during the period. Freeport-McMoRan makes up approximately 1.7% of Strong Tower Advisory Services’ holdings, making the stock its 14th biggest holding. Strong Tower Advisory Services’ holdings in Freeport-McMoRan were worth $8,826,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FCX. Nuveen LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $366,959,000. Amundi raised its holdings in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP raised its holdings in shares of Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. HSBC lowered their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Thursday, September 25th. CICC Research lowered their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 target price on the stock in a report on Thursday, September 25th. BNP Paribas Exane lowered their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Finally, Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $40.92 on Friday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.28. The company has a market cap of $58.74 billion, a P/E ratio of 31.00, a P/E/G ratio of 0.97 and a beta of 1.58. The firm’s fifty day moving average price is $42.51 and its two-hundred day moving average price is $40.55. 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 (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio 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.