AMI Asset Management Corp Buys Shares of 14,203 Freeport-McMoRan Inc. $FCX

AMI Asset Management Corp bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 14,203 shares of the natural resource company’s stock, valued at approximately $835,000.

A number of other large investors have also modified their holdings of the business. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $25,000. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% in 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. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. SHP Wealth Management purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $30,000. Finally, JPL Wealth Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.3%

Shares of NYSE FCX opened at $61.67 on Tuesday. 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 stock has a market capitalization of $88.65 billion, a PE ratio of 32.80, a PEG ratio of 0.75 and a beta of 1.35. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The stock has a fifty day simple moving average of $64.47 and a 200-day simple moving average of $60.94.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping 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 return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. CICC Research lowered their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Raymond James Financial lowered their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Finally, The Goldman Sachs Group upped their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.27.

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.