Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Capital Insight Partners LLC

Capital Insight Partners LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,113 shares of the natural resource company’s stock after acquiring an additional 300 shares during the period. Capital Insight Partners LLC’s holdings in Freeport-McMoRan were worth $589,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Research Global Investors boosted its position in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $417,752,000. Boston Partners raised its position in shares of Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after purchasing an additional 5,311,538 shares in the last quarter. Capital World Investors boosted its stake in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the last quarter. Finally, Asia Research & Capital Management Ltd acquired a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $197,966,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $1.36 during trading on Friday, hitting $44.66. The stock had a trading volume of 11,801,118 shares, compared to its average volume of 13,436,732. The business has a fifty day moving average of $46.30 and a two-hundred day moving average of $46.45. The firm has a market cap of $64.15 billion, a P/E ratio of 39.52, a PEG ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCX shares. UBS Group boosted their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank lowered their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, Raymond James reduced their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.00.

About Freeport-McMoRan

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.