Truist Financial Corp Has $7.19 Million Stock Position in Freeport-McMoRan Inc. $FCX

Truist Financial Corp increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 22.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,751 shares of the natural resource company’s stock after purchasing an additional 29,837 shares during the quarter. Truist Financial Corp’s holdings in Freeport-McMoRan were worth $7,185,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. City Holding Co. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth about $33,000. Beacon Capital Management LLC grew its position in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after buying an additional 327 shares during the period. Dagco Inc. acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $37,000. CKW Financial Group acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.7%

Freeport-McMoRan stock opened at $40.35 on Tuesday. The firm has a 50-day moving average of $42.40 and a 200-day moving average of $40.54. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $51.19. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market cap of $57.93 billion, a price-to-earnings ratio of 30.57, a P/E/G ratio of 0.87 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup boosted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a report on Thursday, September 25th. Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price for the company. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $56.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, September 25th. Finally, Morgan Stanley cut Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan 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. The company's assets include the Grasberg minerals 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.