Freeport-McMoRan Inc. $FCX Shares Bought by Groupe la Francaise

Key Points

• Groupe la Française increased its Freeport-McMoRan stake by 68.2% in the first quarter, purchasing 75,000 additional shares and bringing its holdings to 185,000 shares valued at approximately $10.84 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly EPS of $0.74, exceeding analyst estimates of $0.62, while revenue reached $7.03 billion versus expectations of $6.62 billion. Revenue nevertheless declined 7.3% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $70.27, compared with a recent price of $63.43. The company also declared a quarterly dividend of $0.075 per share.

Groupe la Francaise lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 68.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 185,000 shares of the natural resource company's stock after purchasing an additional 75,000 shares during the quarter. Groupe la Francaise's holdings in Freeport-McMoRan were worth $10,840,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Pinnacle Bancorp Inc. lifted its stake in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock worth $118,000 after acquiring an additional 147 shares during the period. Steph & Co. boosted its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after acquiring an additional 150 shares in the last quarter. Essex Bank increased its stake in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after acquiring an additional 163 shares during the period. Leo Wealth LLC raised its holdings in Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock worth $347,000 after purchasing an additional 170 shares in the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in Freeport-McMoRan by 0.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company's stock worth $1,098,000 after purchasing an additional 175 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $63.43 on Friday. The company has a market capitalization of $91.18 billion, a PE ratio of 31.24, a price-to-earnings-growth ratio of 0.60 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a fifty day moving average of $63.68 and a 200-day moving average of $62.56. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company's quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 EPS. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors 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 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 14.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup reaffirmed a "positive" rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. UBS Group upped their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Morgan Stanley raised their target price on Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $70.27.

Freeport-McMoRan Company 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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