Vinva Investment Management Ltd Increases Stock Position in Freeport-McMoRan Inc. $FCX

Vinva Investment Management Ltd increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 88,603 shares of the natural resource company’s stock after purchasing an additional 19,771 shares during the quarter. Vinva Investment Management Ltd’s holdings in Freeport-McMoRan were worth $4,085,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its holdings in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares during the period. LPL Financial LLC boosted its position in Freeport-McMoRan by 9.6% in the first quarter. LPL Financial LLC now owns 1,948,185 shares of the natural resource company’s stock worth $73,758,000 after purchasing an additional 171,253 shares during the last quarter. Fiera Capital Corp grew its stake in Freeport-McMoRan by 8.2% in the 1st quarter. Fiera Capital Corp now owns 81,883 shares of the natural resource company’s stock valued at $3,100,000 after purchasing an additional 6,192 shares during the period. Finally, Banque Cantonale Vaudoise bought a new position in Freeport-McMoRan in the 1st quarter valued at $731,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of recent analyst reports. HSBC lowered their target price on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. BNP Paribas Exane lowered their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 8th. Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and decreased their price target for the stock from $51.00 to $47.00 in a research note on Wednesday, November 19th. Finally, Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $46.73.

Freeport-McMoRan Stock Up 2.5%

FCX opened at $42.10 on Friday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a market cap of $60.46 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. 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 company has a 50 day moving average of $40.79 and a 200 day moving average of $41.95.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is currently 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.