Renaissance Technologies LLC Purchases 1,791,018 Shares of Freeport-McMoRan Inc. $FCX

Renaissance Technologies LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 141.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,053,889 shares of the natural resource company’s stock after buying an additional 1,791,018 shares during the period. Renaissance Technologies LLC’s holdings in Freeport-McMoRan were worth $179,520,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its position in shares of Freeport-McMoRan by 4.0% in the 1st quarter. Public Employees Retirement System of Ohio now owns 602,375 shares of the natural resource company’s stock worth $35,408,000 after buying an additional 23,437 shares during the last quarter. Modern Wealth Management LLC increased its position in shares of Freeport-McMoRan by 15.7% during the first quarter. Modern Wealth Management LLC now owns 6,341 shares of the natural resource company’s stock worth $388,000 after purchasing an additional 861 shares in the last quarter. Inceptionr LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth $442,000. Gibbs Wealth Management lifted its holdings in shares of Freeport-McMoRan by 49.2% during the 1st quarter. Gibbs Wealth Management now owns 31,872 shares of the natural resource company’s stock valued at $1,873,000 after purchasing an additional 10,509 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Freeport-McMoRan by 3.6% during the 1st quarter. Sei Investments Co. now owns 1,098,433 shares of the natural resource company’s stock valued at $64,566,000 after purchasing an additional 38,233 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

More Freeport-McMoRan News

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 Price Performance

NYSE FCX opened at $62.54 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13. The stock’s fifty day moving average price is $63.58 and its 200 day moving average price is $62.33. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market cap of $89.90 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 0.63 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current 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 issued a dividend of $0.075 per share. The ex-dividend date of this dividend 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%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. BMO Capital Markets reiterated an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Barclays raised their price target on Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Finally, Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned 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 $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.