15,900 Shares in Freeport-McMoRan Inc. $FCX Bought by Ransom Advisory Ltd

Key Points

• Ransom Advisory Ltd invested approximately $602,000 in Freeport-McMoRan Inc. during the 1st quarter, acquiring 15,900 shares of the company.
• Freeport-McMoRan recently declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend of $0.60 with a yield of 1.4%.
• The company reported earnings of $0.54 per share for the last quarter, exceeding the consensus estimate and showing a 14.5% increase in revenue year-over-year.

Ransom Advisory Ltd acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,900 shares of the natural resource company's stock, valued at approximately $602,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. City Holding Co. purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Dagco Inc. purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $37,000. CKW Financial Group purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $42,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on FCX shares. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price on the stock. BMO Capital Markets cut their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Stock Down 2.6%

NYSE FCX traded down $1.20 during midday trading on Friday, hitting $44.72. 16,042,709 shares of the company traded hands, compared to its average volume of 10,379,598. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market cap of $64.21 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. The company's 50-day simple moving average is $43.66 and its 200-day simple moving average is $40.12. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating 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 firm had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the prior year, the business posted $0.46 EPS. The business's revenue for the quarter 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 year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

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.