100,934 Shares in Freeport-McMoRan Inc. $FCX Bought by Acasta Partners UK LLP

Acasta Partners UK LLP bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel reports. The fund bought 100,934 shares of the natural resource company’s stock, valued at approximately $5,126,000. Freeport-McMoRan comprises 1.8% of Acasta Partners UK LLP’s portfolio, making the stock its 8th largest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV boosted its position in shares of Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $8,857,000. Wellington Management Group LLP boosted its position in shares of Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in shares of Freeport-McMoRan by 426.3% during the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock worth $3,212,000 after buying an additional 66,331 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. boosted its position in shares of Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after buying an additional 878,760 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FCX shares. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. HSBC upped their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday. Finally, JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $68.28 on Friday. The firm has a market cap of $98.15 billion, a P/E ratio of 36.32, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $64.24 and its 200-day moving average is $59.05.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Freeport-McMoRan Company Profile

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.