Freeport-McMoRan Inc. $FCX Shares Bought by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1,835.4% during the 1st quarter, HoldingsChannel reports. The firm owned 992,993 shares of the natural resource company’s stock after buying an additional 941,685 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Freeport-McMoRan were worth $58,368,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. 44 Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $533,000. Themes Management Co LLC grew its position in Freeport-McMoRan by 95.4% during the first quarter. Themes Management Co LLC now owns 24,365 shares of the natural resource company’s stock valued at $1,432,000 after buying an additional 11,894 shares during the period. Union Square Park Capital Management LLC acquired a new stake in Freeport-McMoRan during the first quarter valued at $1,763,000. Bradley Foster & Sargent Inc. CT increased its holdings in Freeport-McMoRan by 2.4% in the first quarter. Bradley Foster & Sargent Inc. CT now owns 29,934 shares of the natural resource company’s stock valued at $1,760,000 after buying an additional 700 shares in the last quarter. Finally, Waverly Advisors LLC increased its holdings in Freeport-McMoRan by 7.7% in the first quarter. Waverly Advisors LLC now owns 59,099 shares of the natural resource company’s stock valued at $3,474,000 after buying an additional 4,208 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.54 on Friday. 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 $63.58 and a two-hundred day moving average of $62.33. The company has a current ratio of 2.07, a quick ratio of 1.13 and a debt-to-equity ratio of 0.25. The firm has a market cap of $89.90 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Key Stories Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Analyst Ratings Changes

A number of research analysts have weighed in on FCX shares. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. Scotiabank lifted their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday, June 15th. Citigroup reaffirmed a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Jefferies Financial Group increased their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, Weiss Ratings downgraded Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

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.