MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 495,819 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Freeport-McMoRan by 15.1%, bringing its total shares to approximately 3.78 million, valued at about $143 million.
• Several institutional investors also raised their stakes in Freeport-McMoRan, with notable increases including Financial Sense Advisors Inc. at 527.9% and Stratos Investment Management LLC at 238.5% during the first quarter.
• Freeport-McMoRan reported a quarterly earnings beat with $0.54 earnings per share, exceeding forecasts, and also announced a quarterly dividend of $0.15, reflecting a 1.3% yield.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 15.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,781,867 shares of the natural resource company's stock after purchasing an additional 495,819 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.26% of Freeport-McMoRan worth $143,181,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its stake in shares of Freeport-McMoRan by 1.0% during the first quarter. Integrated Wealth Concepts LLC now owns 51,477 shares of the natural resource company's stock valued at $1,949,000 after acquiring an additional 503 shares during the last quarter. Gotham Asset Management LLC lifted its holdings in Freeport-McMoRan by 107.5% during the 1st quarter. Gotham Asset Management LLC now owns 406,900 shares of the natural resource company's stock worth $15,405,000 after buying an additional 210,800 shares during the period. Greenline Partners LLC grew its position in shares of Freeport-McMoRan by 4.2% in the 1st quarter. Greenline Partners LLC now owns 101,378 shares of the natural resource company's stock valued at $3,838,000 after buying an additional 4,051 shares during the last quarter. Hancock Whitney Corp increased its stake in shares of Freeport-McMoRan by 20.6% in the first quarter. Hancock Whitney Corp now owns 20,915 shares of the natural resource company's stock valued at $792,000 after buying an additional 3,578 shares during the period. Finally, Duquesne Family Office LLC raised its position in shares of Freeport-McMoRan by 34.2% during the first quarter. Duquesne Family Office LLC now owns 1,018,105 shares of the natural resource company's stock worth $38,545,000 after acquiring an additional 259,200 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Down 5.9%

Shares of Freeport-McMoRan stock traded down $2.77 during trading hours on Tuesday, reaching $43.89. The company's stock had a trading volume of 24,767,504 shares, compared to its average volume of 15,433,612. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock's fifty day simple moving average is $43.71 and its two-hundred day simple moving average is $39.94. The company has a market capitalization of $63.02 billion, a P/E ratio of 33.25, a P/E/G ratio of 0.88 and a beta of 1.59. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

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

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Citigroup increased their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Bank of America reiterated a "neutral" rating and set a $56.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Finally, Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

About Freeport-McMoRan

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.