Altshuler Shaham Ltd Has $79.56 Million Stock Position in Freeport-McMoRan Inc. $FCX

Altshuler Shaham Ltd raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1,090.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,566,513 shares of the natural resource company’s stock after buying an additional 1,434,931 shares during the quarter. Freeport-McMoRan accounts for about 1.2% of Altshuler Shaham Ltd’s investment portfolio, making the stock its 29th largest position. Altshuler Shaham Ltd owned about 0.11% of Freeport-McMoRan worth $79,563,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $38,000. Modus Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $40,000. Finally, Key Financial Inc lifted its position in shares of Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. Wells Fargo & Company cut their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. HSBC raised their target price on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. UBS Group raised their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.31.

Freeport-McMoRan Trading Down 1.7%

Shares of FCX opened at $68.95 on Thursday. The stock has a fifty day moving average price of $64.74 and a two-hundred day moving average price of $59.77. 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 52-week low of $35.15 and a 52-week high of $72.28. The company has a market cap of $99.12 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 0.86 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 (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS. Analysts predict that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.