Ninety One UK Ltd Acquires 956,772 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Ninety One UK Ltd raised its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,478,060 shares of the natural resource company's stock after acquiring an additional 956,772 shares during the period. Ninety One UK Ltd owned approximately 0.31% of Freeport-McMoRan worth $169,539,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mizuho Bank Ltd. bought a new stake in Freeport-McMoRan in the 4th quarter valued at $26,000. Coppell Advisory Solutions LLC increased its holdings in Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. City Holding Co. bought a new stake in Freeport-McMoRan in the 1st quarter valued at $33,000. Bernard Wealth Management Corp. bought a new stake in Freeport-McMoRan in the 4th quarter valued at $35,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Freeport-McMoRan in the 4th quarter valued at $40,000. 80.77% of the stock is currently owned by institutional investors.

Insider Transactions 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 shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Trading Up 2.7%

Shares of FCX stock traded up $1.21 during trading hours on Tuesday, reaching $46.34. 44,971,011 shares of the stock were exchanged, compared to its average volume of 13,629,815. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $40.33 and its 200-day moving average price is $38.34. The firm has a market capitalization of $66.59 billion, a price-to-earnings ratio of 38.30, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64.

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

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.29%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FCX shares. Royal Bank Of Canada lifted their price target on shares of 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 downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Scotiabank upgraded shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and boosted their target price for the stock from $43.00 to $48.00 in a report on Monday, June 16th. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $48.25.

Freeport-McMoRan Company 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.