Assenagon Asset Management S.A. Raises Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Assenagon Asset Management S.A. increased its Freeport-McMoRan stake by 79.8% in the first quarter, adding more than 2.3 million shares and lifting its holding to 5.26 million shares valued at about $309 million.
• Wall Street sentiment remains broadly positive, with several analysts reiterating buy/outperform ratings and raising price targets, including BMO Capital’s move to $78 and Barclays’ $77 target.
• Freeport-McMoRan recently reported strong quarterly results and declared a cash dividend of $0.15 per share, while the stock has still faced some near-term weakness after recent underperformance and a 4% drop mentioned in the article.

Assenagon Asset Management S.A. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 79.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,257,470 shares of the natural resource company's stock after acquiring an additional 2,332,625 shares during the quarter. Assenagon Asset Management S.A. owned 0.37% of Freeport-McMoRan worth $309,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $25,000. Steph & Co. boosted its position in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $29,000. SHP Wealth Management acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $30,000. Finally, JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at $33,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FCX shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. UBS Group boosted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. HSBC upped their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. CICC Research lowered their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research report on Tuesday, April 28th. Finally, Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They set an "overweight" rating and a $77.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $68.27.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here's Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

Freeport-McMoRan Stock Down 4.0%

Shares of Freeport-McMoRan stock opened at $61.80 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a market capitalization of $88.85 billion, a PE ratio of 32.87, a P/E/G ratio of 0.78 and a beta of 1.35. 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 $64.84 and a 200-day moving average of $60.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's revenue was up 8.8% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is 15.96%.

Freeport-McMoRan Profile

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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