Rice Partnership LLC Acquires 9,561 Shares of Freeport-McMoRan Inc. $FCX

Rice Partnership LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 29.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,820 shares of the natural resource company’s stock after buying an additional 9,561 shares during the period. Rice Partnership LLC’s holdings in Freeport-McMoRan were worth $2,458,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Steph & Co. grew its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $25,000. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $29,000. Financial Life Planners purchased a new stake in Freeport-McMoRan during the 1st quarter worth about $34,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter worth about $30,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of a number of recent analyst reports. HSBC lifted their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Barclays boosted their price objective on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Finally, Scotiabank increased their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.77.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $58.81 on Tuesday. The stock’s 50-day simple moving average is $63.76 and its two-hundred day simple moving average is $62.06. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The firm has a market capitalization of $84.55 billion, a P/E ratio of 31.28, a P/E/G ratio of 0.58 and a beta of 1.37. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter last year, the company posted $0.24 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.