Archer Investment Corp increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX)

Archer Investment Corp increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1,296.3% during the second quarter, HoldingsChannel.com reports. The firm owned 754 shares of the natural resources company’s stock after acquiring an additional 700 shares during the quarter. Archer Investment Corp’s holdings in Freeport-McMoRan were worth $37,000 as of its most recent SEC filing.

Several other institutional investors have added to or reduced their stakes in the business. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at $26,000. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the second quarter valued at about $26,000. Jones Financial Companies Lllp raised its stake in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resources company’s stock worth $28,000 after acquiring an additional 532 shares during the period. RFP Financial Group LLC boosted its holdings in shares of Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resources company’s stock valued at $29,000 after purchasing an additional 426 shares in the last quarter. Finally, POM Investment Strategies LLC bought a new position in Freeport-McMoRan in the second quarter valued at about $31,000. 80.77% of the shares are currently held by hedge funds and other institutional investors.

Changes in Analyst Ratings

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $49.50 to $62.00 in a report from Friday, June 21. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Moderate Buy” and an average target price of $53.07, according to MarketBeat.

Get the latest stock analysis on Freeport-McMoRan

Freeport-McMoRan trading rose 0.6%

Shares of Freeport-McMoRan stock opened at $41.61 on Thursday. Freeport-McMoRan Inc. it has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. 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 company has a market cap of $59.77 billion, a P/E ratio of 36.82, a P/E/G ratio of 2.08 and a beta of 1.92. The company has a fifty day moving average of $45.47 and a 200 day moving average of $46.82.

Freeport-McMoRan (NYSE:FCX – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resources company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 7.60% and a net margin of 7.83%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. In the same quarter last year, the company posted earnings of $0.35 per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents an annualized dividend of $0.60 and a dividend yield of 1.44%. The ex-dividend date was Monday, July 15. Freeport-McMoRan’s payout ratio is currently 26.55%.

About Freeport-McMoRan

(Free report)

Freeport-McMoRan Inc is engaged in the exploitation 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 mineral 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.

See Also

Want to see what other hedge funds hold FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).

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