Zurcher Kantonalbank Zurich Cantonalbank Has $15.65 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Freeport-McMoRan Inc. by 5.4%, owning 413,408 shares valued at $15.65 million as of its latest SEC filing.
• Analysts have a consensus rating of "Moderate Buy" on Freeport-McMoRan's stock, with an average price target of $51.00 and several firms boosting their target prices following positive earnings reports.
• The company recently announced a quarterly dividend of $0.15, translating to an annualized yield of 1.39% for its shareholders.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 413,408 shares of the natural resource company's stock after purchasing an additional 21,201 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Freeport-McMoRan were worth $15,652,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Mizuho Bank Ltd. acquired a new position in Freeport-McMoRan in the 4th quarter valued at $26,000. Coppell Advisory Solutions LLC raised its holdings in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after buying an additional 268 shares in the last quarter. City Holding Co. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $35,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Freeport-McMoRan by 38.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after buying an additional 319 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.75% of the company's stock.

Freeport-McMoRan Trading Up 2.9%

Shares of NYSE FCX traded up $1.13 during trading on Thursday, reaching $40.27. The company had a trading volume of 26,253,306 shares, compared to its average volume of 19,345,884. The company's fifty day moving average price is $42.70 and its 200-day moving average price is $39.05. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The stock has a market cap of $57.87 billion, a P/E ratio of 30.51, a PEG ratio of 0.71 and a beta of 1.64. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Stifel Nicolaus started coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price objective for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average 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.