Family Manage LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Family Manage LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 51,226 shares of the natural resource company’s stock, valued at approximately $3,011,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its holdings in Freeport-McMoRan by 98.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Freeport-McMoRan by 31.2% during 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 lifted its holdings in Freeport-McMoRan by 102.5% during 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 in the last quarter. PointState Capital LP acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $198,523,000. Finally, Victory Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FCX shares. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Morgan Stanley lifted their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Stifel Nicolaus increased their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $62.54 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm’s 50-day moving average is $63.58 and its two-hundred day moving average is $62.38. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a market capitalization of $89.90 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37.

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

Freeport-McMoRan Dividend Announcement

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

Trending Headlines about 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

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.