Freeport-McMoRan Inc. $FCX Shares Acquired by Montag A & Associates Inc.

Key Points

• Montag A & Associates Inc. boosted its stake in Freeport-McMoRan by 419.2% in the first quarter, buying 44,013 additional shares and bringing its total to 54,513 shares worth about $3.2 million.
• Freeport-McMoRan reported strong quarterly results, posting EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion, above estimates and up 8.8% from a year ago.
• The company also declared a quarterly dividend of $0.075 per share, while analysts currently maintain a Moderate Buy consensus with an average price target of $68.50.

Montag A & Associates Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 419.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,513 shares of the natural resource company's stock after purchasing an additional 44,013 shares during the period. Montag A & Associates Inc.'s holdings in Freeport-McMoRan were worth $3,204,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Steph & Co. lifted its holdings 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 buying an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $29,000. SHP Wealth Management acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $30,000. Finally, JPL Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $33,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $57.45 on Thursday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a 50 day simple moving average of $63.71 and a 200-day simple moving average of $61.58. The company has a market cap of $82.58 billion, a PE ratio of 30.56, a P/E/G ratio of 0.61 and a beta of 1.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm's revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 2.59 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

FCX has been the topic of several research reports. The Goldman Sachs Group set a $74.00 price target on Freeport-McMoRan in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating for the company in a research note on Monday, April 27th. Weiss Ratings cut shares of Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. Finally, Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.50.

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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