Freeport-McMoRan Inc. $FCX Stock Position Lifted by Janus Henderson Group PLC

Janus Henderson Group PLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 101.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,498,267 shares of the natural resource company's stock after acquiring an additional 5,784,156 shares during the quarter. Janus Henderson Group PLC owned 0.80% of Freeport-McMoRan worth $675,896,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FCX. Arrowstreet Capital Limited Partnership boosted its holdings in Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the period. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Amundi raised its holdings in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock worth $721,806,000 after purchasing an additional 7,192,955 shares during the period. PointState Capital LP bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $198,523,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Freeport-McMoRan by 28.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company's stock valued at $882,050,000 after buying an additional 3,894,872 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a research note on Monday, June 15th. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. BNP Paribas Exane upped their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a report on Thursday, June 18th. Barclays increased their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Royal Bank Of Canada raised their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Freeport-McMoRan Stock Down 2.8%

FCX stock opened at $59.94 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The firm's 50-day simple moving average is $63.66 and its 200 day simple moving average is $62.51. The stock has a market cap of $86.16 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

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 issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan's payout ratio is 14.78%.

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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