Freeport-McMoRan Inc. $FCX Shares Purchased by Crescent Grove Advisors LLC

Crescent Grove Advisors LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 160.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,848 shares of the natural resource company’s stock after acquiring an additional 9,753 shares during the period. Crescent Grove Advisors LLC’s holdings in Freeport-McMoRan were worth $932,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Amundi increased its stake in shares of Freeport-McMoRan by 102.5% during the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. PointState Capital LP purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $198,523,000. Finally, Victory Capital Management Inc. raised its position in shares of Freeport-McMoRan by 28.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group upped their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. UBS Group boosted their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Barclays upped their price objective on Freeport-McMoRan from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.77.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $58.44 on Monday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company’s 50 day simple moving average is $63.87 and its 200 day simple moving average is $62.01. The company has a market capitalization of $84.02 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 0.58 and a beta of 1.37. 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 released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate 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%. Freeport-McMoRan’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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