Freeport-McMoRan Inc. $FCX Shares Bought by World Investment Advisors

World Investment Advisors grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 62.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,679 shares of the natural resource company’s stock after buying an additional 11,017 shares during the quarter. World Investment Advisors’ holdings in Freeport-McMoRan were worth $1,457,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in FCX. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. lifted its holdings 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 valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Amundi grew its position in shares of Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after purchasing an additional 7,192,955 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $198,523,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on FCX shares. UBS Group increased their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Morgan Stanley restated an “equal weight” rating and issued a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, The Goldman Sachs Group lifted their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

Freeport-McMoRan Stock Up 0.2%

Shares of NYSE FCX opened at $68.80 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The firm’s 50 day moving average price is $64.98 and its 200 day moving average price is $60.01. The firm has a market cap of $98.90 billion, a P/E ratio of 36.60, a price-to-earnings-growth ratio of 0.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

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, beating the consensus estimate of $0.47 by $0.10. The company 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%.Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is currently 15.96%.

About Freeport-McMoRan

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.