Ninepoint Partners LP Acquires Shares of 55,000 Freeport-McMoRan Inc. (NYSE:FCX)

Ninepoint Partners LP bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 55,000 shares of the natural resource company's stock, valued at approximately $2,082,000.

Several other institutional investors have also recently added to or reduced their stakes in FCX. Wellington Management Group LLP increased its stake in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after acquiring an additional 4,488,210 shares during the period. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. grew its position in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after acquiring an additional 2,191,926 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.7%

Shares of NYSE FCX traded up $0.29 on Friday, hitting $44.87. The company had a trading volume of 16,007,915 shares, compared to its average volume of 15,985,843. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The business has a 50 day moving average of $42.43 and a two-hundred day moving average of $38.99. The company has a quick ratio of 1.13, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $64.48 billion, a P/E ratio of 33.99, a PEG ratio of 0.80 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $6.85 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. The company's revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.34%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FCX. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Finally, UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and boosted their price target for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average 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.