Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 59.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 316,221 shares of the natural resource company's stock after buying an additional 118,120 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Freeport-McMoRan were worth $11,972,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Achmea Investment Management B.V. lifted its holdings in Freeport-McMoRan by 42.5% in the first quarter. Achmea Investment Management B.V. now owns 83,267 shares of the natural resource company's stock worth $3,152,000 after purchasing an additional 24,841 shares during the period. Jaffetilchin Investment Partners LLC raised its position in shares of Freeport-McMoRan by 145.9% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 24,712 shares of the natural resource company's stock worth $936,000 after buying an additional 14,661 shares in the last quarter. Canal Insurance CO raised its position in shares of Freeport-McMoRan by 12.2% during the 1st quarter. Canal Insurance CO now owns 170,000 shares of the natural resource company's stock worth $6,436,000 after buying an additional 18,500 shares in the last quarter. Diversified Trust Co lifted its stake in shares of Freeport-McMoRan by 8.7% in the 1st quarter. Diversified Trust Co now owns 6,438 shares of the natural resource company's stock worth $244,000 after acquiring an additional 514 shares during the period. Finally, Perpetual Ltd boosted its holdings in shares of Freeport-McMoRan by 71.7% in the first quarter. Perpetual Ltd now owns 2,947,227 shares of the natural resource company's stock valued at $111,582,000 after acquiring an additional 1,230,520 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Jefferies Financial Group reissued a "buy" rating and set a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Royal Bank Of Canada lifted their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Finally, Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $48.27.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.79% of the company's stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $43.83 on Monday. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The company has a market cap of $62.99 billion, a PE ratio of 36.23, a PEG ratio of 0.85 and a beta of 1.65. The stock's 50-day moving average price is $39.22 and its two-hundred day moving average price is $38.12.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The firm's revenue was down 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.37%. Freeport-McMoRan's payout ratio is 24.79%.

Freeport-McMoRan Company Profile

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.

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