Hanseatic Management Services Inc. Purchases New Shares in Freeport-McMoRan Inc. $FCX

Key Points

• Hanseatic Management Services bought a new stake in Freeport-McMoRan during the first quarter, acquiring 19,732 shares valued at about $1.16 million.
• Institutional interest in FCX remains strong, with several other funds increasing positions and about 80.77% of the stock now owned by institutional investors.
• Freeport-McMoRan reported better-than-expected quarterly results, with EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion versus $5.73 billion expected, while analysts currently rate the stock a Moderate Buy with a consensus target price of $68.77.

Hanseatic Management Services Inc. acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 19,732 shares of the natural resource company's stock, valued at approximately $1,160,000.

Several other institutional investors have also added to or reduced their stakes in FCX. Crescent Grove Advisors LLC raised its stake in Freeport-McMoRan by 160.0% in the first quarter. Crescent Grove Advisors LLC now owns 15,848 shares of the natural resource company's stock worth $932,000 after buying an additional 9,753 shares in the last quarter. Jennison Associates LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $8,303,000. California Public Employees Retirement System boosted its position in Freeport-McMoRan by 0.5% during the 1st quarter. California Public Employees Retirement System now owns 2,496,909 shares of the natural resource company's stock valued at $146,768,000 after acquiring an additional 11,257 shares in the last quarter. Quadrant Private Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 1.1% during the 1st quarter. Quadrant Private Wealth Management LLC now owns 65,831 shares of the natural resource company's stock worth $3,870,000 after acquiring an additional 703 shares during the period. Finally, Kera Capital Partners Inc. raised its position in shares of Freeport-McMoRan by 16.3% in the 1st quarter. Kera Capital Partners Inc. now owns 7,275 shares of the natural resource company's stock worth $428,000 after acquiring an additional 1,021 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FCX shares. Wells Fargo & Company lowered their target price on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Weiss Ratings lowered Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 7th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a report on Monday, June 15th. HSBC upped their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Finally, CICC Research lowered their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research report on Tuesday, April 28th. One investment 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. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $68.77.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $58.44 on Friday. The business has a fifty day moving average price of $63.87 and a 200-day moving average price of $61.94. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company has a market capitalization of $84.02 billion, a PE ratio of 31.09, a PEG ratio of 0.58 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is currently 15.96%.

About Freeport-McMoRan

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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