Healthcare of Ontario Pension Plan Trust Fund Purchases 157,804 Shares of Freeport-McMoRan Inc. $FCX

Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 29.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 694,569 shares of the natural resource company’s stock after acquiring an additional 157,804 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Freeport-McMoRan were worth $40,827,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $25,000. Steph & Co. grew its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan News Summary

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.54 on Friday. The company has a fifty day moving average of $63.58 and a 200-day moving average of $62.33. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The firm has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a P/E/G ratio of 0.62 and a beta of 1.37. The company has a quick ratio of 1.13, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. BMO Capital Markets reiterated an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a research report on Thursday. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Raymond James Financial reduced their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.18.

About Freeport-McMoRan

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.