Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Catalina Capital Group LLC

Catalina Capital Group LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 6,067 shares of the natural resource company’s stock after purchasing an additional 404 shares during the period. Catalina Capital Group LLC’s holdings in Freeport-McMoRan were worth $295,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. LRI Investments LLC acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the 2nd quarter valued at approximately $26,000. Jones Financial Companies Lllp grew its stake in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in Freeport-McMoRan in the fourth quarter worth $32,000. Finally, Versant Capital Management Inc lifted its stake in Freeport-McMoRan by 209.9% in the second quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock valued at $32,000 after buying an additional 445 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock traded up $1.36 on Friday, hitting $44.66. 11,801,118 shares of the company’s stock traded hands, compared to its average volume of 13,436,732. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $64.15 billion, a price-to-earnings ratio of 39.52, a P/E/G ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a fifty day moving average of $46.30 and a 200-day moving average of $46.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the company posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.34%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Scotiabank decreased their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. UBS Group lifted their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Finally, Raymond James reduced their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Company 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.