Freeport-McMoRan Inc. $FCX Stock Holdings Increased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 79.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,257,470 shares of the natural resource company’s stock after buying an additional 2,332,625 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Freeport-McMoRan were worth $309,034,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth $29,000. Steph & Co. increased its stake in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. SHP Wealth Management bought a new stake in Freeport-McMoRan during the fourth quarter valued at $30,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $33,000. Institutional investors own 80.77% of the company’s stock.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here’s Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

Freeport-McMoRan Stock Down 4.0%

Freeport-McMoRan stock opened at $61.80 on Thursday. 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 Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a 50-day simple moving average of $64.84 and a 200-day simple moving average of $60.58. The firm has a market capitalization of $88.85 billion, a P/E ratio of 32.87, a P/E/G ratio of 0.78 and a beta of 1.35.

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 the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCX. UBS Group raised their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. HSBC boosted their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. The Goldman Sachs Group raised their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Finally, Barclays assumed coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.27.

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.