Rovida Investment Management Ltd Buys New Stake in Freeport-McMoRan Inc. $FCX

Rovida Investment Management Ltd purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 870,000 shares of the natural resource company’s stock, valued at approximately $51,139,000. Freeport-McMoRan makes up about 6.4% of Rovida Investment Management Ltd’s holdings, making the stock its 6th largest holding. Rovida Investment Management Ltd owned 0.06% of Freeport-McMoRan as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Bank of America Corp DE increased its holdings in Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after buying an additional 7,044,775 shares in the last quarter. Kensington Investment Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $360,000. Janus Henderson Group PLC grew its position in shares of Freeport-McMoRan by 101.2% during the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the period. Bull Harbor Capital LLC purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $1,537,000. Finally, Arkadios Wealth Advisors increased its stake in shares of Freeport-McMoRan by 1.3% in the 1st quarter. Arkadios Wealth Advisors now owns 45,962 shares of the natural resource company’s stock valued at $2,702,000 after purchasing an additional 575 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. UBS Group raised 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. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Sanford C. Bernstein boosted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Finally, BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan Trading Up 5.7%

Shares of Freeport-McMoRan stock opened at $63.43 on Friday. 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 stock’s 50 day simple moving average is $63.68 and its 200-day simple moving average is $62.56. The stock has a market cap of $91.18 billion, a P/E ratio of 31.24, a P/E/G ratio of 0.60 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Freeport-McMoRan Company 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.