Temasek Holdings Private Ltd Increases Stock Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Temasek Holdings has increased its stake in Freeport-McMoRan Inc. by 7.0%, owning approximately 0.06% of the company, valued at $32.6 million after acquiring 56,100 shares in the first quarter.
• Institutional investors collectively hold 80.77% of Freeport-McMoRan's stock, with notable increases in share ownership from several firms, including Brighton Jones LLC and Bank Pictet & Cie Europe AG.
• Freeport-McMoRan reported a 14.5% year-over-year increase in revenue, posting $7.58 billion for the quarter and exceeding earnings estimates with $0.54 earnings per share.

Temasek Holdings Private Ltd raised its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 861,628 shares of the natural resource company's stock after buying an additional 56,100 shares during the period. Temasek Holdings Private Ltd owned about 0.06% of Freeport-McMoRan worth $32,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. City Holding Co. purchased a new stake in Freeport-McMoRan during the first quarter worth $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the 4th quarter worth $35,000. Dagco Inc. purchased a new position in Freeport-McMoRan in the 1st quarter worth $37,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $42,000. Finally, Wolff Wiese Magana LLC raised its stake in shares of Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FCX shares. Citigroup raised their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Scotiabank raised their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Price Performance

NYSE FCX traded up $1.00 during mid-day trading on Wednesday, hitting $44.89. The stock had a trading volume of 16,623,059 shares, compared to its average volume of 15,441,283. The stock has a market capitalization of $64.45 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 0.88 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The firm's 50 day moving average is $43.70 and its 200 day moving average is $39.97.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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%.The firm's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company Profile

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.