Freeport-McMoRan Inc. $FCX Stake Lifted by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 49.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,700 shares of the natural resource company’s stock after acquiring an additional 9,543 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Freeport-McMoRan were worth $1,687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the period. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp increased its position in shares of Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares during the period. Franklin Resources Inc. raised its stake in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Freeport-McMoRan by 10.1% in the 4th quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock worth $1,740,179,000 after buying an additional 3,130,046 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $61.90 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $88.98 billion, a PE ratio of 32.93, a P/E/G ratio of 0.60 and a beta of 1.37. The business has a fifty day simple moving average of $63.97 and a 200-day simple moving average of $61.86. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid 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 dividend payout ratio (DPR) is currently 15.96%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. BNP Paribas Exane raised their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Citigroup dropped their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. UBS Group upped their price target on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Finally, HSBC lifted their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.63.

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.