AG2R LA Mondiale Gestion D Actifs Invests $2.16 Million in Freeport-McMoRan Inc. $FCX

AG2R LA Mondiale Gestion D Actifs purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 56,138 shares of the natural resource company’s stock, valued at approximately $2,160,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FCX. Brighton Jones LLC lifted its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after acquiring an additional 115,552 shares during the last quarter. Bison Wealth LLC lifted its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the last quarter. Numerai GP LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $256,000. Finally, NorthRock Partners LLC lifted its position in Freeport-McMoRan by 101.0% in the fourth quarter. NorthRock Partners LLC now owns 18,252 shares of the natural resource company’s stock valued at $695,000 after acquiring an additional 9,172 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 2.6%

Shares of Freeport-McMoRan stock opened at $44.72 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company’s 50-day simple moving average is $43.66 and its 200-day simple moving average is $40.12. The firm has a market cap of $64.21 billion, a price-to-earnings ratio of 33.88, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan’s payout ratio is 22.73%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FCX shares. Bank of America restated a “neutral” rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Finally, Hsbc Global Res lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Freeport-McMoRan 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.