Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna Increases Stake in Freeport-McMoRan Inc. $FCX

Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1,480.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 52,841 shares of the natural resource company’s stock after purchasing an additional 49,497 shares during the period. Freeport-McMoRan makes up about 1.0% of Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna’s portfolio, making the stock its 24th biggest position. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna’s holdings in Freeport-McMoRan were worth $2,684,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $38,000. Modus Advisors LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $40,000. Key Financial Inc grew its stake in Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $63.37 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market cap of $91.10 billion, a PE ratio of 33.71, a P/E/G ratio of 0.76 and a beta of 1.35. The business has a 50-day simple moving average of $63.48 and a two-hundred day simple moving average of $58.17. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Barclays assumed coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price on the stock. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, The Goldman Sachs Group lifted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.04.

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.