Verde Servicos Internacionais S.A. Takes $4.75 Million Position in Freeport-McMoRan Inc. $FCX

Verde Servicos Internacionais S.A. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 80,770 shares of the natural resource company’s stock, valued at approximately $4,748,000. Freeport-McMoRan comprises 1.5% of Verde Servicos Internacionais S.A.’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan during the fourth quarter valued at $25,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $30,000. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $33,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $34,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on FCX. UBS Group raised their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Sanford C. Bernstein increased their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Scotiabank raised their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Finally, Raymond James Financial dropped their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.81.

Freeport-McMoRan Stock Down 6.9%

Shares of FCX opened at $64.46 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $64.97 and a two-hundred day moving average price of $60.46. The stock has a market cap of $92.67 billion, a price-to-earnings ratio of 34.29, a P/E/G ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the company posted $0.24 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Company 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.