Family Manage LLC Buys New Shares in Freeport-McMoRan Inc. $FCX

Family Manage LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, Holdings Channel.com reports. The fund bought 51,226 shares of the natural resource company’s stock, valued at approximately $3,011,000.

A number of other hedge funds also recently bought and sold shares of the stock. KBC Group NV raised its holdings in shares of Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after purchasing an additional 272,726 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $8,857,000. Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after buying an additional 213,477 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.54 on Monday. The firm’s fifty day moving average price is $63.58 and its 200 day moving average price is $62.38. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm has a market cap of $89.90 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is 14.78%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of analyst reports. Bank of America raised their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. The Goldman Sachs Group lowered their price objective on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. UBS Group increased their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Royal Bank Of Canada boosted their target price on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Scotiabank upped their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. One 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 MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $70.18.

Freeport-McMoRan News Summary

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 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.