Freeport-McMoRan Inc. $FCX Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 98.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,973,108 shares of the natural resource company’s stock after purchasing an additional 9,924,573 shares during the period. Freeport-McMoRan comprises approximately 0.6% of Arrowstreet Capital Limited Partnership’s holdings, making the stock its 28th largest holding. Arrowstreet Capital Limited Partnership owned about 1.39% of Freeport-McMoRan worth $1,014,434,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Atlas Capital Advisors Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $666,000. Acasta Partners UK LLP acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $5,126,000. Aptus Capital Advisors LLC raised its position in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Aptus Capital Advisors LLC now owns 94,976 shares of the natural resource company’s stock valued at $4,824,000 after purchasing an additional 7,008 shares in the last quarter. Apriem Advisors raised its position in shares of Freeport-McMoRan by 13.1% in the 4th quarter. Apriem Advisors now owns 5,870 shares of the natural resource company’s stock valued at $298,000 after purchasing an additional 681 shares in the last quarter. Finally, FORA Capital LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $1,043,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX stock opened at $68.28 on Friday. 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 firm has a market cap of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.82 and a beta of 1.35. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The stock’s 50 day simple moving average is $64.24 and its 200 day simple moving average is $59.05.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Bank of America upped their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. The Goldman Sachs Group upped their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. UBS Group upped their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $66.86.

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.