Capital International Investors Invests $417.75 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Capital International Investors bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, HoldingsChannel.com reports. The firm bought 8,884,560 shares of the natural resource company’s stock, valued at approximately $417,752,000.

Other institutional investors have also made changes to their positions in the company. Belpointe Asset Management LLC boosted its position in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Oaktree Capital Management LP boosted its position in shares of Freeport-McMoRan by 7.8% during the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after acquiring an additional 211,608 shares in the last quarter. Norden Group LLC boosted its position in shares of Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after acquiring an additional 236,891 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its position in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after acquiring an additional 20,894 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 445,667 shares of company stock valued at $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft boosted 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. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Trading Up 1.1 %

Shares of FCX traded up $0.47 on Friday, reaching $45.00. 10,389,902 shares of the company’s stock were exchanged, compared to its average volume of 13,718,868. The company has a current ratio of 2.40, a quick ratio of 1.41 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $64.64 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 1.01 and a beta of 1.92. The business has a 50 day moving average price of $49.68 and a two-hundred day moving average price of $46.02. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

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

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s payout ratio is presently 26.55%.

About Freeport-McMoRan

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.