OP Asset Management Ltd Invests $8.62 Million in Freeport-McMoRan Inc. $FCX

Key Points

• OP Asset Management initiated a new position in Freeport-McMoRan, buying 146,707 shares worth about $8.62 million in the first quarter.
• Wall Street sentiment remains constructive: several analysts recently raised price targets on FCX, and the stock carries a Moderate Buy consensus with an average target of $68.27.
• Freeport-McMoRan also reported better-than-expected quarterly results and announced a quarterly dividend, reinforcing investor confidence in its earnings and cash generation.

OP Asset Management Ltd purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 146,707 shares of the natural resource company's stock, valued at approximately $8,623,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC lifted its holdings in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after acquiring an additional 507 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $560,000. Brown Advisory Inc. boosted its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock worth $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC increased its stake in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock valued at $2,172,000 after acquiring an additional 14,992 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Trending Headlines about Freeport-McMoRan

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

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and kept an outperform rating, signaling more upside potential for the stock. BMO Capital adjusts price target on Freeport-McMoRan
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, which includes both a base dividend and a variable dividend, reinforcing shareholder returns and reflecting confidence in cash generation. Freeport declares quarterly cash dividends
• Positive Sentiment: FCX has been showing relative strength versus the broader market, with recent trading action indicating the stock has been rising while the market has dipped. FCX gains as market dips
• Neutral Sentiment: Freeport-McMoRan is also being highlighted as one of the most watched stocks on Zacks, suggesting elevated investor interest, but not necessarily a direct fundamental catalyst. FCX is attracting investor attention
• Neutral Sentiment: Some market commentary says FCX underperformed competitors on Tuesday, which may point to normal trading rotation rather than a major negative company event. Freeport-McMoRan stock underperforms Tuesday when compared to competitors

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. UBS Group lifted their price target on Freeport-McMoRan from $74.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Bank of America boosted their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Citigroup dropped their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Finally, Scotiabank raised their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $68.27.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $62.79 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $90.26 billion, a PE ratio of 33.40, a P/E/G ratio of 0.75 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The stock has a 50-day moving average price of $64.73 and a two-hundred day moving average price of $60.70.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan's payout ratio is presently 15.96%.

Freeport-McMoRan 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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