True Vision MN LLC Buys New Position in Freeport-McMoRan Inc. $FCX

True Vision MN LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,766 shares of the natural resource company’s stock, valued at approximately $574,000.

A number of other hedge funds have also added to or reduced their stakes in the business. KBC Group NV increased its position in Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after buying an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Freeport-McMoRan during the 4th quarter worth approximately $8,857,000. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 190.9% in 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 acquiring an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in Freeport-McMoRan by 426.3% in 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 acquiring an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. grew its stake in Freeport-McMoRan by 175.4% in the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after acquiring an additional 878,760 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

FCX stock opened at $68.80 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The business has a 50-day simple moving average of $64.98 and a two-hundred day simple moving average of $60.13. The company has a market capitalization of $98.90 billion, a P/E ratio of 36.60, a price-to-earnings-growth ratio of 0.83 and a beta of 1.35. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Research analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. Jefferies Financial Group boosted their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Scotiabank increased their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. UBS Group lifted their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Citigroup decreased their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, BNP Paribas Exane upped their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.81.

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.