Zullo Investment Group Inc. Increases Stake in Freeport-McMoRan Inc. $FCX

Zullo Investment Group Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,385 shares of the natural resource company’s stock after buying an additional 457 shares during the quarter. Zullo Investment Group Inc.’s holdings in Freeport-McMoRan were worth $624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. Royal Bank Of Canada dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 1st. Johnson Rice dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Raymond James Financial dropped their target price on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Finally, Clarkson Capital reiterated a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Stock Down 5.5%

Shares of Freeport-McMoRan stock opened at $40.92 on Friday. The company has a market cap of $58.74 billion, a price-to-earnings ratio of 31.00, a price-to-earnings-growth ratio of 0.97 and a beta of 1.58. The company’s 50 day moving average is $42.51 and its 200 day moving average is $40.55. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.28. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

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

Freeport-McMoRan Announces Dividend

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