Friedenthal Financial Purchases Shares of 16,883 Freeport-McMoRan Inc. $FCX

Key Points

• Friedenthal Financial opened a new position in Freeport-McMoRan during the first quarter, buying 16,883 shares valued at about $992,000.
• Freeport-McMoRan reported better-than-expected quarterly earnings, with EPS of $0.57 versus the $0.47 estimate and revenue of $6.23 billion, up 8.8% year over year.
• The company also announced a quarterly dividend of $0.075 per share, while analysts remain generally bullish with a consensus rating of Moderate Buy and an average price target of $68.27.

Friedenthal Financial acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,883 shares of the natural resource company's stock, valued at approximately $992,000.

Several other hedge funds also recently made changes to their positions in FCX. KBC Group NV raised its stake in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company's stock valued at $11,267,000 after purchasing an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $8,857,000. Wellington Management Group LLP grew its holdings in shares of Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock valued at $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in shares of Freeport-McMoRan by 426.3% during the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company's stock valued at $3,212,000 after buying an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. raised its position in Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company's stock valued at $70,078,000 after buying an additional 878,760 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $61.80 on Thursday. The business's 50-day moving average price is $64.84 and its two-hundred day moving average price is $60.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a market capitalization of $88.85 billion, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 0.78 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm posted $0.24 EPS. The business's revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date 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 is currently 15.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FCX shares. UBS Group increased their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Morgan Stanley reaffirmed an "equal weight" rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Jefferies Financial Group increased 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. Finally, Wells Fargo & Company decreased their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $68.27.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here's Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

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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