ABN Amro Investment Solutions Has $4.10 Million Stock Position in Freeport-McMoRan Inc. $FCX

ABN Amro Investment Solutions raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 18.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 69,712 shares of the natural resource company’s stock after buying an additional 11,033 shares during the quarter. ABN Amro Investment Solutions’ holdings in Freeport-McMoRan were worth $4,098,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Freeport-McMoRan by 7.1% during the first quarter. PNC Financial Services Group Inc. now owns 298,083 shares of the natural resource company’s stock worth $17,521,000 after acquiring an additional 19,645 shares in the last quarter. Wilkerson Advisory Group LLC raised its holdings in Freeport-McMoRan by 1,610.2% in the 1st quarter. Wilkerson Advisory Group LLC now owns 3,369 shares of the natural resource company’s stock valued at $198,000 after acquiring an additional 3,172 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $29,000. Rice Partnership LLC boosted its holdings in shares of Freeport-McMoRan by 29.6% during the first quarter. Rice Partnership LLC now owns 41,820 shares of the natural resource company’s stock worth $2,458,000 after acquiring an additional 9,561 shares during the period. Finally, Convergence Investment Partners LLC acquired a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $1,617,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $63.31 on Friday. The company’s 50 day simple moving average is $63.59 and its 200 day simple moving average is $62.33. The stock has a market capitalization of $91.01 billion, a price-to-earnings ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.54 EPS. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.72 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend 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%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Bank of America boosted their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Stifel Nicolaus increased their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup reaffirmed a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group lowered their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $68.95.

Key Freeport-McMoRan News

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

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

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.