Caitong International Asset Management Co. Ltd Takes Position in Freeport-McMoRan Inc. $FCX

Caitong International Asset Management Co. Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,706 shares of the natural resource company’s stock, valued at approximately $1,407,000.

Several other large investors have also recently added to or reduced their stakes in FCX. Reflection Asset Management bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $76,000. Wick Capital Partners LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $269,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. TRU Independence Asset Management 2 LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $254,000. Finally, SG Trading Solutions LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $1,842,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCX. Bank of America boosted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. The Goldman Sachs Group raised their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, Wells Fargo & Company lowered their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.81.

Freeport-McMoRan Trading Up 0.2%

Shares of NYSE FCX opened at $68.80 on Friday. The stock has a market cap of $98.90 billion, a price-to-earnings ratio of 36.60, a PEG ratio of 0.84 and a beta of 1.35. The business has a 50 day simple moving average of $64.98 and a 200 day simple moving average of $60.01. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. On average, research analysts predict that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.