LGT Fund Management Co Ltd. Increases Stock Position in Freeport-McMoRan Inc. $FCX

LGT Fund Management Co Ltd. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1,028.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 89,862 shares of the natural resource company’s stock after buying an additional 81,900 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Freeport-McMoRan were worth $3,896,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Nuveen LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth $366,959,000. Amundi boosted 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 purchasing an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted 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 purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted 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 purchasing an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp boosted 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 purchasing an additional 2,642,810 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FCX. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target for the company. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a research report on Thursday, September 25th. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Johnson Rice cut their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Finally, Hsbc Global Res lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $46.74.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $39.66 on Friday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.19. 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 firm has a market capitalization of $56.94 billion, a P/E ratio of 30.05, a P/E/G ratio of 0.71 and a beta of 1.58. The company’s fifty day moving average price is $42.47 and its two-hundred day moving average price is $40.54.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Freeport-McMoRan Company 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.