8,480 Shares in Freeport-McMoRan Inc. $FCX Purchased by Brasada Capital Management LP

Key Points

• Brasada Capital Management LP has acquired 8,480 shares of Freeport-McMoRan Inc., valued at approximately $321,000, as reported in their recent Form 13F filing.
• Multiple institutional investors, including Vanguard Group and Goldman Sachs, have increased their holdings in Freeport-McMoRan, with institutional ownership now at 80.77%.
• Freeport-McMoRan recently reported better-than-expected earnings, with a profit of $0.54 per share and revenue of $7.58 billion for the quarter, which is a 14.5% increase year-over-year.

Brasada Capital Management LP bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,480 shares of the natural resource company's stock, valued at approximately $321,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the period. Dimensional Fund Advisors LP raised its holdings in Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock valued at $498,270,000 after acquiring an additional 1,815,285 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Freeport-McMoRan by 21.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company's stock valued at $453,138,000 after acquiring an additional 2,133,846 shares during the period. Institutional investors own 80.77% of the company's stock.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Scotiabank boosted their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and boosted their price target for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Stock Up 0.1%

Shares of NYSE:FCX opened at $44.42 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The firm has a fifty day moving average of $43.34 and a 200 day moving average of $39.64. The firm has a market capitalization of $63.78 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 0.84 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's payout ratio is 22.73%.

About Freeport-McMoRan

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.