Arrowpoint Investment Partners Singapore Pte. Ltd. Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 30,678 shares of the natural resource company's stock, valued at approximately $1,168,000. Freeport-McMoRan makes up approximately 0.2% of Arrowpoint Investment Partners Singapore Pte. Ltd.'s investment portfolio, making the stock its 28th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Amundi boosted its stake in Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after purchasing an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Freeport-McMoRan by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after acquiring an additional 2,191,926 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 1.1%

NYSE:FCX opened at $38.37 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $54.95. The stock's fifty day simple moving average is $36.56 and its 200-day simple moving average is $38.81. The firm has a market capitalization of $55.14 billion, a P/E ratio of 29.74, a P/E/G ratio of 0.87 and a beta of 1.65.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Raymond James reaffirmed an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research note on Friday, April 25th. UBS Group dropped their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Finally, Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $48.36.

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.

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