262,533 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Purchased by Foundry Partners LLC

Foundry Partners LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 262,533 shares of the natural resource company’s stock, valued at approximately $10,501,000.

Other hedge funds have also recently bought and sold shares of the company. Beach Investment Counsel Inc. PA lifted its position in Freeport-McMoRan by 62.2% during the fourth quarter. Beach Investment Counsel Inc. PA now owns 477,080 shares of the natural resource company’s stock worth $18,129,000 after acquiring an additional 182,997 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in Freeport-McMoRan by 63.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 95,541 shares of the natural resource company’s stock worth $3,631,000 after acquiring an additional 37,029 shares during the last quarter. D L Carlson Investment Group Inc. lifted its position in Freeport-McMoRan by 37.4% during the first quarter. D L Carlson Investment Group Inc. now owns 156,602 shares of the natural resource company’s stock worth $6,407,000 after acquiring an additional 42,619 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $302,000. Finally, Cerity Partners LLC lifted its position in Freeport-McMoRan by 6.3% during the first quarter. Cerity Partners LLC now owns 33,051 shares of the natural resource company’s stock worth $1,349,000 after acquiring an additional 1,955 shares during the last quarter. 77.96% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $40.19 on Tuesday. The firm’s fifty day moving average price is $40.95 and its two-hundred day moving average price is $39.26. The stock has a market cap of $57.62 billion, a PE ratio of 27.72 and a beta of 2.07. Freeport-McMoRan Inc. has a fifty-two week low of $26.03 and a fifty-two week high of $46.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.72 and a current ratio of 2.94.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same period in the prior year, the firm earned $0.58 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.62 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is 20.69%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $38.50 price target on shares of Freeport-McMoRan in a research report on Friday, July 21st. StockNews.com initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, August 17th. They issued a “hold” rating for the company. 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. Finally, Raymond James lifted their price target on shares of Freeport-McMoRan from $43.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $39.96.

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.