Freeport-McMoRan Inc. $FCX Shares Purchased by Gotham Asset Management LLC

Key Points

• Gotham Asset Management LLC has increased its stake in Freeport-McMoRan Inc. by 107.5% to a total of 406,900 shares valued at approximately $15.4 million.
• Institutional investors collectively own 80.77% of Freeport-McMoRan's stock, indicating a strong confidence in the company among large investors.
• Freeport-McMoRan recently reported better-than-expected earnings with earnings per share of $0.54, surpassing estimates of $0.45, along with a quarterly revenue of $7.58 billion.

Gotham Asset Management LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 107.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 406,900 shares of the natural resource company's stock after buying an additional 210,800 shares during the period. Gotham Asset Management LLC's holdings in Freeport-McMoRan were worth $15,405,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. City Holding Co. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $35,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at approximately $37,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at approximately $42,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Freeport-McMoRan by 38.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after purchasing an additional 319 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FCX shares. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. BMO Capital Markets decreased their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Hsbc Global Res cut Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $2.77 during trading on Tuesday, reaching $43.89. The company had a trading volume of 24,767,504 shares, compared to its average volume of 15,433,612. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock has a market capitalization of $63.02 billion, a PE ratio of 33.25, a price-to-earnings-growth ratio of 0.88 and a beta of 1.59. The stock has a 50-day moving average price of $43.71 and a two-hundred day moving average price of $39.94. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is 22.73%.

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.