7,430 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Bought by Ninety One SA PTY Ltd

Ninety One SA PTY Ltd purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,430 shares of the natural resource company's stock, valued at approximately $277,000.

A number of other hedge funds have also bought and sold shares of FCX. Wellington Management Group LLP increased its holdings in Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after buying an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake 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 worth $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 13.7% in 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 buying an additional 2,642,810 shares during the period. Finally, Franklin Resources Inc. raised its stake in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after buying an additional 2,191,926 shares during the period. 80.77% of the stock is owned by institutional investors.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan 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 completion of the transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Trading Down 1.7%

NYSE:FCX traded down $0.80 during mid-day trading on Wednesday, reaching $45.47. 24,261,997 shares of the company's stock traded hands, compared to its average volume of 13,707,992. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market capitalization of $65.34 billion, a price-to-earnings ratio of 37.58, a PEG ratio of 0.88 and a beta of 1.64. The company has a 50 day moving average price of $40.70 and a 200-day moving average price of $38.44.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.32%. Freeport-McMoRan's dividend payout ratio is 24.79%.

Analysts Set New Price Targets

A number of analysts have commented on FCX shares. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Royal Bank Of Canada boosted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. Jefferies Financial Group restated a "buy" rating and issued a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Raymond James Financial reissued an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research note on Friday, April 25th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average price target of $50.64.

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.