Strs Ohio Buys Shares of 624,163 Freeport-McMoRan Inc. $FCX

Key Points

• Strs Ohio has invested $23.63 million in Freeport-McMoRan, purchasing 624,163 shares in the first quarter, according to their 13F filing with the SEC.
• Freeport-McMoRan reported a 14.5% increase in revenue last quarter, achieving $7.58 billion and eclipsing analysts' estimates, while also beating earnings expectations by $0.09.
• The company recently announced a quarterly dividend of $0.15 per share, representing an annualized yield of 1.3% and a payout ratio of 22.73%.

Strs Ohio bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 624,163 shares of the natural resource company's stock, valued at approximately $23,631,000.

Several other hedge funds also recently made changes to their positions in the business. Kestra Private Wealth Services LLC increased its holdings in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after purchasing an additional 275 shares during the period. Princeton Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after purchasing an additional 275 shares during the period. Capital Investment Advisory Services LLC increased its holdings in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after purchasing an additional 278 shares during the period. Capital Analysts LLC increased its holdings in shares of Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after purchasing an additional 284 shares during the period. Finally, Sargent Investment Group LLC increased its holdings in shares of Freeport-McMoRan by 2.8% during the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.92 during mid-day trading on Monday, reaching $45.64. The company had a trading volume of 12,668,515 shares, compared to its average volume of 10,737,650. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $65.53 billion, a P/E ratio of 34.58, a P/E/G ratio of 0.85 and a beta of 1.59. The business has a fifty day simple moving average of $43.68 and a 200 day simple moving average of $40.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter last year, the business posted $0.46 earnings per share. The company's quarterly revenue was up 14.5% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Bank of America reaffirmed a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, UBS Group lowered shares of 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. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

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.