Drummond Knight Asset Management Pty Ltd Takes Position in Freeport-McMoRan Inc. $FCX

Drummond Knight Asset Management Pty Ltd purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,094,480 shares of the natural resource company’s stock, valued at approximately $41,437,000. Freeport-McMoRan makes up approximately 20.8% of Drummond Knight Asset Management Pty Ltd’s holdings, making the stock its largest position. Drummond Knight Asset Management Pty Ltd owned 0.08% of Freeport-McMoRan at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Nuveen LLC acquired a new position in Freeport-McMoRan during the 1st quarter worth about $366,959,000. Amundi lifted its position in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP lifted its position in Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $45.86 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock has a market cap of $65.84 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 0.85 and a beta of 1.59. The stock has a 50-day moving average of $43.69 and a 200-day moving average of $40.06. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Citigroup upped their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Scotiabank upped their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.00.

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.