Freeport-McMoRan Inc. $FCX Shares Acquired by Rathbones Group PLC

Rathbones Group PLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 57.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,822,756 shares of the natural resource company’s stock after buying an additional 1,026,046 shares during the period. Rathbones Group PLC owned about 0.20% of Freeport-McMoRan worth $165,922,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its stake in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after purchasing an additional 14,992 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $62.53 on Monday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $89.89 billion, a price-to-earnings ratio of 30.80, a P/E/G ratio of 0.63 and a beta of 1.37. The stock’s fifty day simple moving average is $63.69 and its 200-day simple moving average is $62.59.

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

Freeport-McMoRan Announces Dividend

The firm also recently announced 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. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FCX shares. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Raymond James Financial reduced their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Jefferies Financial Group raised their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Sanford C. Bernstein lifted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Finally, Morgan Stanley boosted their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan 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.