15,891 Shares in Freeport-McMoRan Inc. $FCX Bought by Shariaportfolio Inc.

Shariaportfolio Inc. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,891 shares of the natural resource company’s stock, valued at approximately $934,000. Freeport-McMoRan makes up about 0.4% of Shariaportfolio Inc.’s portfolio, making the stock its 28th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Steph & Co. grew its holdings in 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 period. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the first quarter worth approximately $29,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan during the fourth quarter worth approximately $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.2%

FCX stock opened at $62.53 on Monday. 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 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock has a market capitalization of $89.89 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 0.63 and a beta of 1.37. The business’s fifty day moving average price is $63.69 and its two-hundred day moving average price is $62.59.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 14.78%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. CICC Research dropped their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Citigroup reaffirmed a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Royal Bank Of Canada upped their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Finally, UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. One 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.27.

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.