Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Capital International Inc. CA

Capital International Inc. CA boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 189.8% in the first quarter, HoldingsChannel.com reports. The fund owned 244,562 shares of the natural resource company’s stock after purchasing an additional 160,182 shares during the period. Capital International Inc. CA’s holdings in Freeport-McMoRan were worth $11,499,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Belpointe Asset Management LLC lifted its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after buying an additional 4,703 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.8% during 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 purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP raised its stake in Freeport-McMoRan by 7.8% in 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 purchasing an additional 211,608 shares during the last quarter. Norden Group LLC raised its stake in Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its stake in 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 worth $14,726,000 after purchasing an additional 20,894 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.1 %

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

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

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FCX shares. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Tuesday, April 9th. Raymond James lowered their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday. HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Finally, Argus raised their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock worth $22,755,070 over the last 90 days. Corporate insiders own 0.79% of the company’s stock.

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.