10,290 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by PGGM Investments

PGGM Investments acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent filing with the SEC. The firm acquired 10,290 shares of the natural resource company’s stock, valued at approximately $500,000.

A number of other large investors have also recently made changes to their positions in the business. Shikiar Asset Management Inc. grew its position in shares of Freeport-McMoRan by 5.1% in the 2nd quarter. Shikiar Asset Management Inc. now owns 142,560 shares of the natural resource company’s stock worth $6,928,000 after buying an additional 6,910 shares during the last quarter. ORG Partners LLC grew its position in shares of Freeport-McMoRan by 99,150.0% in the 2nd quarter. ORG Partners LLC now owns 5,955 shares of the natural resource company’s stock worth $288,000 after buying an additional 5,949 shares during the last quarter. Patton Fund Management Inc. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $5,492,000. Farmers Trust Co. bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $213,000. Finally, NorthCrest Asset Manangement LLC grew its position in shares of Freeport-McMoRan by 0.8% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 324,274 shares of the natural resource company’s stock worth $15,760,000 after buying an additional 2,588 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Finally, Argus raised their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded up $0.01 during midday trading on Wednesday, reaching $41.90. 9,124,019 shares of the company’s stock traded hands, compared to its average volume of 13,602,321. The company has a market cap of $60.19 billion, a price-to-earnings ratio of 37.08, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The stock has a 50 day moving average of $47.07 and a 200 day moving average of $46.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.