Uhlmann Price Securities LLC Takes $616,000 Position in Freeport-McMoRan Inc. $FCX

Uhlmann Price Securities LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,908 shares of the natural resource company’s stock, valued at approximately $616,000.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. raised its stake in Freeport-McMoRan by 31.2% during 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 during the last quarter. Amundi raised its stake in Freeport-McMoRan by 102.5% during 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 during the last quarter. Finally, PointState Capital LP bought a new stake in Freeport-McMoRan in the 4th quarter valued at $198,523,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.2%

FCX opened at $68.80 on Friday. 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 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm’s fifty day moving average price is $64.98 and its two-hundred day moving average price is $60.01. The company has a market capitalization of $98.90 billion, a P/E ratio of 36.60, a P/E/G ratio of 0.84 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 15.96%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Bank of America raised their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Scotiabank upped their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. The Goldman Sachs Group increased their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

Freeport-McMoRan Company 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.