True Vision MN LLC Takes $462,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

True Vision MN LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,516 shares of the natural resource company’s stock, valued at approximately $462,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Capital Research Global Investors lifted its stake in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FCX shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft increased their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Stock Performance

FCX opened at $43.13 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $61.96 billion, a PE ratio of 38.17, a P/E/G ratio of 1.94 and a beta of 1.89. The firm has a 50 day moving average of $44.12 and a two-hundred day moving average of $47.05.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the firm posted $0.35 EPS. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. Freeport-McMoRan’s payout ratio is 26.55%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.