Financiere des Professionnels Fonds d investissement inc. Makes New $2.88 Million Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Financiere des Professionnels Fonds d'investissement inc. has acquired a new stake in Freeport-McMoRan Inc., purchasing 66,363 shares valued at approximately $2,877,000 during the second quarter.
• Multiple institutional investors have increased their positions in Freeport-McMoRan, resulting in over 80.77% of the company's stock being owned by institutional investors.
• Freeport-McMoRan reported a quarterly earnings increase of 14.5% year-over-year, with an earnings per share of $0.54, exceeding analysts' expectations of $0.45.

Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 66,363 shares of the natural resource company's stock, valued at approximately $2,877,000.

Several other large investors also recently added to or reduced their stakes in FCX. City Holding Co. purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $35,000. Dagco Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $37,000. CKW Financial Group bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 0.3%

FCX stock traded down $0.14 during midday trading on Thursday, hitting $44.95. The stock had a trading volume of 13,173,705 shares, compared to its average volume of 11,246,837. The firm has a market cap of $64.54 billion, a price-to-earnings ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The business has a 50-day moving average of $43.60 and a two-hundred day moving average of $40.35. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. 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 (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, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. BMO Capital Markets dropped their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Hsbc Global Res cut Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Finally, Bank of America reaffirmed a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.33.

About Freeport-McMoRan

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.