Americana Partners LLC makes a new investment in Freeport-McMoRan Inc. (NYSE:FCX)

Americana Partners LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,734 shares of the natural resources company’s stock, valued at approximately $327,000.

Several other hedge funds have also recently modified their holdings of FCX. Lynx Investment Advisory purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at about $26,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $26,000. RFP Financial Group LLC boosted its position 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 worth $29,000 after acquiring an additional 426 shares during the last quarter. POM Investment Strategies LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $31,000. Finally, Versant Capital Management Inc boosted its position in shares of Freeport-McMoRan by 209.9% in the second quarter. Versant Capital Management Inc now owns 657 shares of the natural resources company’s stock worth $32,000 after acquiring an additional 445 shares in the last quarter. 80.77% of the shares are owned by institutional investors and hedge funds.

Freeport-McMoRan trading rose 1.0%

FCX opened at $44.28 on Friday. The firm has a market cap of $63.62 billion, a P/E ratio of 39.19, a P/E/G ratio of 2.08 and a beta of 1.92. The company’s 50-day moving average is $45.92, and its 200-day moving average is $46.73. Freeport-McMoRan Inc. it has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40, and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX – Get Your Free Report ) last released its quarterly earnings data on Tuesday, July 23rd. The natural resources company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for 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 company’s quarterly revenue was up 15.5% year over year. In the same quarter last year, the firm posted earnings of $0.35 per share. Analysts expect Freeport-McMoRan Inc. will record 1.68 EPS 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 paid a dividend of $0.15 per share. The ex-dividend date was Monday, July 15. This represents a dividend of $0.60 on an annualized basis and a dividend yield of 1.36%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analysts set new price targets

FCX has been the subject of several research analyst reports. UBS Group upped their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Raymond James cut their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Moderate Buy” and an average price target of $53.00, according to MarketBeat.com.

Read the latest stock analysis on FCX

Freeport-McMoRan profile

(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.

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