OMERS ADMINISTRATION Corp Raises Position in Freeport-McMoRan Inc. $FCX

Key Points

• OMERS ADMINISTRATION Corp dramatically increased its stake in Freeport-McMoRan in the first quarter, buying 941,685 additional shares and lifting its total holdings to 992,993 shares worth about $58.4 million.
• Freeport-McMoRan reported better-than-expected Q2 results, with EPS of $0.74 and revenue of $7.03 billion, both above analyst estimates despite revenue declining from a year earlier.
• The company also announced a quarterly dividend of $0.075 per share, while analysts remain generally bullish with a consensus rating of Moderate Buy and an average price target of about $70.18.

OMERS ADMINISTRATION Corp lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1,835.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 992,993 shares of the natural resource company's stock after purchasing an additional 941,685 shares during the quarter. OMERS ADMINISTRATION Corp owned about 0.07% of Freeport-McMoRan worth $58,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 44 Wealth Management LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at about $533,000. Themes Management Co LLC grew its stake in shares of Freeport-McMoRan by 95.4% during the first quarter. Themes Management Co LLC now owns 24,365 shares of the natural resource company's stock worth $1,432,000 after acquiring an additional 11,894 shares during the last quarter. Union Square Park Capital Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $1,763,000. Bradley Foster & Sargent Inc. CT increased its holdings in shares of Freeport-McMoRan by 2.4% during the first quarter. Bradley Foster & Sargent Inc. CT now owns 29,934 shares of the natural resource company's stock valued at $1,760,000 after acquiring an additional 700 shares in the last quarter. Finally, Waverly Advisors LLC raised its position in shares of Freeport-McMoRan by 7.7% in the 1st quarter. Waverly Advisors LLC now owns 59,099 shares of the natural resource company's stock valued at $3,474,000 after purchasing an additional 4,208 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.5%

NYSE:FCX opened at $62.54 on Friday. The firm has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a PEG ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company's fifty day moving average price is $63.58 and its 200-day moving average price is $62.33. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm's revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.

Analyst Ratings Changes

A number of research firms recently commented on FCX. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. HSBC upped their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Weiss Ratings downgraded shares of Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 7th. Jefferies Financial Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. Finally, Morgan Stanley boosted their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $70.18.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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