Targeted Financial Services LLC Takes Position in Freeport-McMoRan Inc. $FCX

Targeted Financial Services LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, HoldingsChannel reports. The fund acquired 13,242 shares of the natural resource company’s stock, valued at approximately $673,000. Freeport-McMoRan makes up about 0.6% of Targeted Financial Services LLC’s portfolio, making the stock its 24th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Wellington Management Group LLP increased its position in shares of 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 during the last quarter. Arrowstreet Capital Limited Partnership grew its stake 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 worth $1,014,434,000 after acquiring an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% during the 4th 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 during the period. Amundi grew its position in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares in the last quarter. Finally, PointState Capital LP purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $198,523,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on FCX shares. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Wells Fargo & Company dropped their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Raymond James Financial dropped their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Finally, CICC Research cut their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.81.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $68.80 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The business’s fifty day moving average price is $64.98 and its two-hundred day moving average price is $60.01. The stock has a market cap of $98.90 billion, a PE ratio of 36.60, a price-to-earnings-growth ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date 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 15.96%.

Freeport-McMoRan Company 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.