McLaughlin Asset Management Inc. Invests $564,000 in Freeport-McMoRan Inc. $FCX

McLaughlin Asset Management Inc. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,112 shares of the natural resource company’s stock, valued at approximately $564,000.

Several other large investors have also bought and sold shares of FCX. KBC Group NV grew its holdings in shares of Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after buying an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $8,857,000. Wellington Management Group LLP increased its stake 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 worth $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Freeport-McMoRan by 426.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock worth $3,212,000 after purchasing an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its position in shares of Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after acquiring an additional 878,760 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 0.4%

FCX stock 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 business’s 50 day simple moving average is $64.91 and its 200 day simple moving average is $59.95. 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 firm has a market capitalization of $98.90 billion, a PE ratio of 36.60, a PEG ratio of 0.85 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.51 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business 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 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. Wells Fargo & Company lowered their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. The Goldman Sachs Group upped their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

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.