SG Trading Solutions LLC Takes Position in Freeport-McMoRan Inc. $FCX

SG Trading Solutions LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,270 shares of the natural resource company’s stock, valued at approximately $1,842,000.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after acquiring an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp raised its holdings in shares of Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of a number of analyst reports. The Goldman Sachs Group raised their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. UBS Group boosted their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. BNP Paribas Exane lifted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday. Sanford C. Bernstein upped their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Finally, Bank of America increased their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $67.81.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $68.80 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $98.90 billion, a P/E ratio of 36.60, a P/E/G ratio of 0.85 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The stock has a 50 day moving average of $64.91 and a 200-day moving average of $59.95.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business 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 firm posted $0.24 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 2.51 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. 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.