Jackson Square Capital LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Jackson Square Capital bought a new stake of 44,961 shares in Freeport‑McMoRan in Q4 (≈$2.28M); several large institutions also added positions (e.g., Wellington now owns ~36.5M shares) and institutional investors hold about 80.77% of the stock.
• Freeport beat estimates in its latest quarter with $0.47 EPS vs. $0.28 expected and $5.63B revenue vs. $5.42B, and the stock trades around $65 with a market cap of $93.6B, a P/E of 43.1, and a 52‑week range of $28.95–$69.75.
• The company announced a quarterly dividend of $0.075 per share (annualized $0.30, yield ~0.5%) payable May 1 (ex‑dividend Apr 15), while insiders have sold ~565,145 shares (~$35.8M) over the past 90 days and now own about 0.75%.

Jackson Square Capital LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 44,961 shares of the natural resource company's stock, valued at approximately $2,284,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its stake 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 purchasing an additional 23,950,557 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Freeport-McMoRan by 89.4% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company's stock valued at $761,623,000 after purchasing an additional 8,292,873 shares during the period. Voya Investment Management LLC boosted its stake in shares of Freeport-McMoRan by 289.0% during the third quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company's stock valued at $150,781,000 after purchasing an additional 2,856,302 shares during the period. AQR Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 205.0% during the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company's stock valued at $181,490,000 after purchasing an additional 2,813,845 shares during the period. Finally, Holocene Advisors LP purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $108,920,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $65.10 on Thursday. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company has a market cap of $93.56 billion, a PE ratio of 43.11, a P/E/G ratio of 0.72 and a beta of 1.48. The business has a 50 day moving average of $61.29 and a 200 day moving average of $51.54. Freeport-McMoRan Inc. has a 52 week low of $28.95 and a 52 week high of $69.75.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm's revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 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 is Wednesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 19.87%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FCX. Weiss Ratings reissued a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Saturday, February 21st. BNP Paribas Exane increased their price objective on Freeport-McMoRan from $56.00 to $75.00 and gave the company an "outperform" rating in a research note on Thursday, February 12th. The Goldman Sachs Group began coverage on Freeport-McMoRan in a research note on Thursday, April 2nd. They set a "buy" rating and a $70.00 price objective for the company. Finally, CICC Research increased their price objective on Freeport-McMoRan from $50.40 to $64.40 and gave the company an "outperform" rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.75.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 11,000 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the company's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company's stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 565,145 shares of company stock valued at $35,839,918 over the last 90 days. Company insiders own 0.75% of the company's stock.

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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