Freeport-McMoRan Inc. $FCX Shares Acquired by Senator Investment Group LP

Key Points

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Senator Investment Group LP raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4,586.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,565,569 shares of the natural resource company's stock after acquiring an additional 1,532,166 shares during the period. Freeport-McMoRan comprises about 3.1% of Senator Investment Group LP's investment portfolio, making the stock its 8th largest holding. Senator Investment Group LP owned about 0.11% of Freeport-McMoRan worth $59,272,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Stratos Investment Management LLC raised its holdings in Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after acquiring an additional 45,458 shares in the last quarter. Community Bank N.A. raised its holdings in Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Arizona State Retirement System raised its holdings in Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. raised its holdings in Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. increased its position in Freeport-McMoRan by 27.6% during the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock worth $4,148,000 after buying an additional 23,695 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on FCX. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. UBS Group downgraded Freeport-McMoRan from a "buy" rating to a "neutral" rating and increased their price target for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Finally, Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have issued a Hold 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 $51.00.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on 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 sale, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.75% of the stock is owned by insiders.

Freeport-McMoRan Price Performance

Shares of FCX traded up $1.52 during trading hours on Friday, reaching $43.24. The stock had a trading volume of 10,819,626 shares, compared to its average volume of 15,287,120. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The stock has a market capitalization of $62.08 billion, a PE ratio of 32.76, a PEG ratio of 0.79 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company's 50-day moving average is $43.04 and its two-hundred day moving average is $39.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan's revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's payout ratio is 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.