Maverick Capital Ltd. Increases Position in Freeport-McMoRan Inc. $FCX

Key Points

• Maverick Capital Ltd. increased its holdings in Freeport-McMoRan by 141.6%, owning 24,374 shares valued at approximately $923,000 as of the latest quarter.
• Several hedge funds, including AXA S.A. and Bank Pictet & Cie Europe AG, have significantly boosted their stakes in Freeport-McMoRan, indicating strong institutional interest in the company.
• Freeport-McMoRan reported earnings that surpassed analysts' expectations, with $0.54 earnings per share and revenues of $7.58 billion for the last quarter.

Maverick Capital Ltd. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 141.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,374 shares of the natural resource company's stock after purchasing an additional 14,286 shares during the quarter. Maverick Capital Ltd.'s holdings in Freeport-McMoRan were worth $923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Stratos Investment Management LLC raised its stake in shares of Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after purchasing an additional 45,458 shares during the last quarter. Community Bank N.A. grew its holdings in shares of Freeport-McMoRan by 18.5% in the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after acquiring an additional 6,188 shares during the period. Arizona State Retirement System grew its holdings in shares of Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after acquiring an additional 8,989 shares during the period. Financial Sense Advisors Inc. grew its holdings in shares of Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after acquiring an additional 64,003 shares during the period. Finally, Anderson Hoagland & Co. grew its holdings in shares of Freeport-McMoRan by 27.6% in the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock worth $4,148,000 after acquiring an additional 23,695 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $0.30 during mid-day trading on Friday, reaching $46.37. The stock had a trading volume of 8,068,482 shares, compared to its average volume of 9,633,279. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $66.58 billion, a P/E ratio of 35.13, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The business's 50 day moving average price is $43.64 and its 200 day moving average price is $39.86.

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

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio is 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan 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.