Polianta Ltd Buys New Position in Freeport-McMoRan Inc. (NYSE:FCX)

Polianta Ltd acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 28,200 shares of the natural resource company's stock, valued at approximately $1,067,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after purchasing an additional 642,776 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Freeport-McMoRan by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock worth $1,122,922,000 after purchasing an additional 688,240 shares during the period. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after buying an additional 2,191,926 shares during the period. Finally, Capital World Investors increased its position in shares of Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock worth $916,037,000 after buying an additional 750,500 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX traded down $0.32 during midday trading on Friday, reaching $40.86. The company had a trading volume of 9,721,377 shares, compared to its average volume of 13,381,273. The business has a 50-day moving average price of $37.16 and a two-hundred day moving average price of $38.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The stock has a market cap of $58.72 billion, a PE ratio of 31.68, a P/E/G ratio of 0.87 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm's quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Jefferies Financial Group reiterated a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Scotiabank raised their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 14th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Royal Bank of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.82.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.