Wealth High Governance Capital Ltda Buys New Stake in Freeport-McMoRan Inc. $FCX

Wealth High Governance Capital Ltda purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 210,816 shares of the natural resource company’s stock, valued at approximately $12,392,000. Freeport-McMoRan makes up 3.7% of Wealth High Governance Capital Ltda’s investment portfolio, making the stock its 6th largest holding.

Other institutional investors have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Amundi boosted its stake in shares of Freeport-McMoRan by 102.5% in the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. Bank of America Corp DE lifted its holdings in Freeport-McMoRan by 20.0% during the 1st 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 purchasing an additional 7,044,775 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Freeport-McMoRan by 101.2% in the first 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 last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. BMO Capital Markets restated an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, The Goldman Sachs Group decreased their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Trading Down 0.2%

FCX opened at $62.53 on Monday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week 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 company has a market cap of $89.89 billion, a price-to-earnings ratio of 30.80, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The firm has a 50 day simple moving average of $63.69 and a 200 day simple moving average of $62.59.

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

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.