AG2R LA Mondiale Gestion D Actifs Invests $2.16 Million in Freeport-McMoRan Inc. $FCX

Key Points

• AG2R LA Mondiale Gestion D Actifs acquired 56,138 shares of Freeport-McMoRan Inc. for approximately $2.16 million during the first quarter.
• The company reported earnings of $0.54 per share for the last quarter, surpassing estimates, with a revenue of $7.58 billion, up 14.5% year-over-year.
• Analysts have a consensus rating of Moderate Buy for Freeport-McMoRan, with a current average price target of $51.00.

AG2R LA Mondiale Gestion D Actifs purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 56,138 shares of the natural resource company's stock, valued at approximately $2,160,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Nuveen LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at about $366,959,000. Amundi increased its stake in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP increased its stake in Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock valued at $224,496,000 after purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake 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 purchasing an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake 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 purchasing an additional 2,642,810 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $0.92 during trading hours on Monday, hitting $45.64. 12,668,515 shares of the stock traded hands, compared to its average volume of 10,737,650. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The company has a market cap of $65.53 billion, a price-to-earnings ratio of 34.58, a price-to-earnings-growth ratio of 0.85 and a beta of 1.59. The stock has a 50 day moving average price of $43.68 and a 200 day moving average price of $40.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating 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 business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The company's revenue for the quarter was up 14.5% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan's payout ratio is currently 22.73%.

Analyst Ratings Changes

FCX has been the subject of a number of analyst reports. Scotiabank raised their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target for the company. Citigroup lifted their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, 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 note on Thursday, July 24th. 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan 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.