iA Global Asset Management Inc. Invests $15.74 Million in Freeport-McMoRan Inc. $FCX

iA Global Asset Management Inc. purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 267,817 shares of the natural resource company’s stock, valued at approximately $15,742,000.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after acquiring an additional 1,572,769 shares during the period. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.0% during the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp increased its holdings in shares of Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% in the 4th 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 in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of 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 valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. BMO Capital Markets boosted their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday, June 23rd. Barclays assumed coverage on shares of Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. CICC Research lowered their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, Sanford C. Bernstein upped their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.36.

Freeport-McMoRan Trading Up 2.1%

Shares of Freeport-McMoRan stock opened at $62.92 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The business’s fifty day moving average is $64.33 and its two-hundred day moving average is $61.06. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $90.45 billion, a PE ratio of 33.47, a P/E/G ratio of 0.74 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Analysts anticipate 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. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan 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.