Intact Investment Management Inc. Increases Stock Holdings in Freeport-McMoRan Inc. $FCX

Intact Investment Management Inc. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 130.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 121,100 shares of the natural resource company’s stock after buying an additional 68,600 shares during the quarter. Intact Investment Management Inc.’s holdings in Freeport-McMoRan were worth $6,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 205.0% during the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after buying an additional 2,813,845 shares during the period. Amundi lifted its stake in shares of Freeport-McMoRan by 43.7% during the third quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after buying an additional 2,132,708 shares during the period. Kirkoswald Asset Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $82,754,200,000. Finally, Schroder Investment Management Group lifted its stake in shares of Freeport-McMoRan by 87.6% during the third quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock worth $152,749,000 after buying an additional 1,921,792 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer owned 76,445 shares in the company, valued at $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Stock Up 0.2%

Freeport-McMoRan stock opened at $56.64 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The business’s 50-day simple moving average is $62.16 and its two-hundred day simple moving average is $54.41. The company has a market cap of $81.40 billion, a PE ratio of 30.13, a PEG ratio of 0.69 and a beta of 1.32. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 EPS. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.52 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Analysts Set New Price Targets

FCX has been the subject of several research reports. The Goldman Sachs Group lowered their price objective on shares of Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, April 24th. UBS Group boosted their price target on Freeport-McMoRan from $66.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on Freeport-McMoRan from $72.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Wells Fargo & Company dropped their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Finally, BNP Paribas Exane dropped their price target on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.14.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.