Fairfield Financial Advisors LTD Invests $1.90 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Fairfield Financial Advisors LTD purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,120 shares of the natural resource company’s stock, valued at approximately $1,901,000. Freeport-McMoRan makes up approximately 0.7% of Fairfield Financial Advisors LTD’s portfolio, making the stock its 28th biggest position.

Several other large investors have also recently modified their holdings of FCX. Brown Advisory Inc. lifted its stake in shares of Freeport-McMoRan by 45.0% in the fourth quarter. Brown Advisory Inc. now owns 27,703 shares of the natural resource company’s stock worth $1,179,000 after buying an additional 8,602 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Freeport-McMoRan by 21.4% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 144,563 shares of the natural resource company’s stock valued at $6,154,000 after purchasing an additional 25,468 shares during the last quarter. Gladstone Institutional Advisory LLC increased its holdings in shares of Freeport-McMoRan by 28.7% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 12,456 shares of the natural resource company’s stock worth $530,000 after purchasing an additional 2,776 shares in the last quarter. Sachetta LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $59,000. Finally, D.A. Davidson & CO. lifted its holdings in shares of Freeport-McMoRan by 3.9% during the fourth quarter. D.A. Davidson & CO. now owns 195,941 shares of the natural resource company’s stock valued at $8,341,000 after purchasing an additional 7,363 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $42.66 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock’s fifty day moving average is $44.29 and its 200 day moving average is $47.01. The firm has a market capitalization of $61.28 billion, a PE ratio of 37.75, a PEG ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.35 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.41%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

A number of equities research analysts have commented on FCX shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Scotiabank decreased their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

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.