CIBC Private Wealth Group LLC Raises Holdings in Freeport-McMoRan Inc (FCX)
CIBC Private Wealth Group LLC raised its stake in Freeport-McMoRan Inc (NYSE:FCX) by 129.6% in the second quarter, HoldingsChannel.com reports. The fund owned 54,210 shares of the natural resource company’s stock after buying an additional 30,602 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Freeport-McMoRan were worth $937,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the business. Global X Management Co. LLC boosted its position in Freeport-McMoRan by 12.6% during the first quarter. Global X Management Co. LLC now owns 283,724 shares of the natural resource company’s stock worth $4,985,000 after purchasing an additional 31,711 shares during the period. Hanseatic Management Services Inc. bought a new position in Freeport-McMoRan during the first quarter worth about $837,000. Daiwa Securities Group Inc. boosted its position in Freeport-McMoRan by 9.1% during the first quarter. Daiwa Securities Group Inc. now owns 45,830 shares of the natural resource company’s stock worth $805,000 after purchasing an additional 3,813 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in Freeport-McMoRan during the first quarter worth about $767,000. Finally, Morse Asset Management Inc boosted its position in Freeport-McMoRan by 18.9% during the first quarter. Morse Asset Management Inc now owns 27,700 shares of the natural resource company’s stock worth $487,000 after purchasing an additional 4,400 shares during the period. Institutional investors own 73.05% of the company’s stock.
A number of brokerages have weighed in on FCX. Alembic Global Advisors upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 23rd. B. Riley upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, May 23rd. Berenberg Bank reiterated a “sell” rating and set a $15.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, May 23rd. Zacks Investment Research lowered shares of Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research report on Monday, May 28th. Finally, Morgan Stanley increased their target price on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, June 29th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.97.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $4.97 billion. During the same period in the prior year, the firm posted $0.17 earnings per share. The company’s revenue for the quarter was up 39.3% on a year-over-year basis. analysts anticipate that Freeport-McMoRan Inc will post 1.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Friday, July 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend was Thursday, July 12th. Freeport-McMoRan’s payout ratio is 17.09%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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 and El Abra mines in South America.
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