Capital International Investors Purchases New Position in Freeport-McMoRan Inc. (NYSE:FCX)

Capital International Investors purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,884,560 shares of the natural resource company’s stock, valued at approximately $417,752,000. Capital International Investors owned about 0.62% of Freeport-McMoRan at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Belpointe Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 4,703 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Oaktree Capital Management LP lifted its stake in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the last quarter. Norden Group LLC lifted its stake in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC lifted its stake in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 1.1 %

FCX stock traded up $0.47 on Friday, hitting $45.00. 10,389,902 shares of the company’s stock were exchanged, compared to its average volume of 13,718,868. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The firm has a 50 day moving average price of $49.68 and a two-hundred day moving average price of $46.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.41 and a current ratio of 2.40. The stock has a market cap of $64.64 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 1.01 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Insiders Place Their Bets

In other news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. In the last 90 days, insiders sold 445,667 shares of company stock valued at $22,755,070. 0.79% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCX. UBS Group raised their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $49.50 to $62.00 in a report on Friday, June 21st. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. Finally, Bernstein Bank raised their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.