Severin Investments LLC Purchases Shares of 8,272 Freeport-McMoRan Inc. $FCX

Severin Investments LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,272 shares of the natural resource company’s stock, valued at approximately $486,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the last quarter. State Street Corp increased its position in shares of Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares during the period. Franklin Resources Inc. increased its position in shares of 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 worth $1,897,202,000 after buying an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP raised its stake in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 2.1%

Shares of NYSE FCX opened at $62.92 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $90.45 billion, a PE ratio of 33.47, a P/E/G ratio of 0.74 and a beta of 1.35. The company’s fifty day simple moving average is $64.33 and its 200 day simple moving average is $61.06. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last posted 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. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCX. Citigroup dropped their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. BMO Capital Markets increased their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. HSBC boosted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Finally, CICC Research decreased their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.36.

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.