Rovida Investment Management Ltd Takes $51.14 Million Position in Freeport-McMoRan Inc. $FCX

Rovida Investment Management Ltd acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, Holdings Channel reports. The fund acquired 870,000 shares of the natural resource company’s stock, valued at approximately $51,139,000. Freeport-McMoRan comprises about 6.4% of Rovida Investment Management Ltd’s holdings, making the stock its 6th largest holding.

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC grew its holdings in shares of Freeport-McMoRan by 5.6% during the 4th 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 2nd quarter worth about $560,000. Brown Advisory Inc. increased its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC raised its holdings in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after buying an additional 14,992 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 5.7%

NYSE:FCX opened at $63.43 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market cap of $91.18 billion, a PE ratio of 31.24, a price-to-earnings-growth ratio of 0.60 and a beta of 1.37. 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 stock has a fifty day moving average price of $63.68 and a 200 day moving average price of $62.56.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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. The company 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 revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors 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 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Analysts Set New Price Targets

Several research analysts have weighed in on FCX shares. Morgan Stanley increased their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Wells Fargo & Company lifted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Finally, The Goldman Sachs Group cut their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

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.