Carrhae Capital LLP Purchases New Shares in Freeport-McMoRan Inc. $FCX

Carrhae Capital LLP acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,349,063 shares of the natural resource company’s stock, valued at approximately $58,482,000. Freeport-McMoRan accounts for 4.3% of Carrhae Capital LLP’s holdings, making the stock its 7th largest holding. Carrhae Capital LLP owned approximately 0.09% of Freeport-McMoRan at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nuveen LLC acquired a new stake in Freeport-McMoRan in the 1st quarter worth about $366,959,000. Amundi increased its stake 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 acquiring an additional 6,054,537 shares during the period. Crake Asset Management LLP lifted its position in shares of 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 valued at $224,496,000 after acquiring an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of 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 valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $159,147,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FCX. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. CICC Research dropped their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Finally, Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Stock Up 0.1%

FCX stock opened at $41.76 on Monday. The stock has a market capitalization of $59.96 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.21. The firm has a 50-day moving average price of $42.52 and a 200-day moving average price of $41.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS 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. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

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.