Primecap Management Co. CA Purchases 15,400 Shares of Freeport-McMoRan Inc. $FCX

Primecap Management Co. CA increased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,591,770 shares of the natural resource company’s stock after buying an additional 15,400 shares during the quarter. Primecap Management Co. CA’s holdings in Freeport-McMoRan were worth $112,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dagco Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter worth approximately $37,000. Beacon Capital Management LLC raised its position in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the period. CKW Financial Group bought a new stake in Freeport-McMoRan in the first quarter worth $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan during the first quarter valued at about $42,000. Finally, Hilltop National Bank bought a new position in shares of Freeport-McMoRan during the second quarter valued at about $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FCX shares. Morgan Stanley reduced their price target on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Wednesday. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, October 8th. Finally, UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $46.73.

Freeport-McMoRan Trading Up 2.9%

Shares of FCX opened at $41.15 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average price is $41.31 and its 200-day moving average price is $41.84. The firm has a market capitalization of $59.09 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

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.