Diamant Asset Management Inc. Takes $13.82 Million Position in Freeport-McMoRan Inc. $FCX

Diamant Asset Management Inc. acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 235,120 shares of the natural resource company’s stock, valued at approximately $13,820,000.

Several other large investors have also made changes to their positions in FCX. KBC Group NV increased its holdings in shares of Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Wellington Management Group LLP grew its position in 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 in the last quarter. Dynamic Technology Lab Private Ltd grew its position in 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 in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. grew its position in 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 in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of several recent research reports. UBS Group upped their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. BNP Paribas Exane upped their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Finally, Citigroup cut their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $68.27.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $62.31 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $89.57 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The firm has a 50-day moving average price of $64.61 and a 200 day moving average price of $60.71.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.