ASR Vermogensbeheer N.V. Takes $7.18 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• ASR Vermogensbeheer N.V. acquired a new stake in Freeport-McMoRan Inc. worth approximately $7.18 million, purchasing 189,746 shares during the first quarter.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding expectations, and its quarterly revenue increased 14.5% year-over-year to $7.58 billion.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 1.5% and a dividend payout ratio of 22.73%.

ASR Vermogensbeheer N.V. purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 189,746 shares of the natural resource company's stock, valued at approximately $7,184,000.

Other institutional investors have also bought and sold shares of the company. Coppell Advisory Solutions LLC lifted its holdings in Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares during the period. City Holding Co. acquired a new stake in Freeport-McMoRan in the first quarter worth about $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan in the fourth quarter worth about $35,000. Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth about $42,000. Finally, Wolff Wiese Magana LLC lifted its holdings in Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.85 on Thursday. The firm's 50 day simple moving average is $42.78 and its 200-day simple moving average is $39.05. The company has a market cap of $57.27 billion, a P/E ratio of 30.19, a price-to-earnings-growth ratio of 0.75 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. Citigroup upped their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Scotiabank upped their price target 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. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target for the company. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.75% of the stock is owned by company insiders.

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.

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.