AIA Group Ltd Has $10.87 Million Stake in Freeport-McMoRan Inc. $FCX

Key Points

• AIA Group Ltd cut its stake in Freeport-McMoRan by 43.9% in the first quarter, leaving it with 184,838 shares valued at about $10.87 million.
• Other large institutional investors remain heavily involved in FCX, and 80.77% of the stock is currently owned by institutions.
• Analysts are broadly constructive on Freeport-McMoRan: the consensus rating is Moderate Buy with an average price target of $68.77, while the stock recently traded around $58.44 after the company beat quarterly earnings and revenue estimates.

AIA Group Ltd lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 43.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 184,838 shares of the natural resource company's stock after selling 144,733 shares during the period. AIA Group Ltd's holdings in Freeport-McMoRan were worth $10,865,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of FCX. Arrowstreet Capital Limited Partnership boosted its position in Freeport-McMoRan by 98.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock valued at $1,014,434,000 after buying an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Amundi raised its position in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock worth $721,806,000 after acquiring an additional 7,192,955 shares during the last quarter. PointState Capital LP acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at $198,523,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company's stock valued at $882,050,000 after acquiring an additional 3,894,872 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FCX has been the topic of a number of research reports. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research report on Monday, June 15th. Morgan Stanley lifted their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 8th. The Goldman Sachs Group dropped their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. Citigroup restated a "positive" rating on shares of Freeport-McMoRan in a report on Wednesday. Finally, Raymond James Financial lowered their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating for the company in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $68.77.

Freeport-McMoRan Stock Down 0.2%

Shares of Freeport-McMoRan stock opened at $58.44 on Friday. The company has a market capitalization of $84.02 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 0.58 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The business has a 50-day moving average of $63.87 and a two-hundred day moving average of $61.94. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given 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 currently 15.96%.

About Freeport-McMoRan

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.

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