Robinhood Asset Management LLC Buys New Position in Freeport-McMoRan Inc. $FCX

Robinhood Asset Management LLC bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 266,275 shares of the natural resource company’s stock, valued at approximately $16,746,000. Freeport-McMoRan accounts for about 0.9% of Robinhood Asset Management LLC’s investment portfolio, making the stock its 21st largest position.

A number of other hedge funds have also added to or reduced their stakes in FCX. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after buying an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the period. Amundi increased its stake in shares of Freeport-McMoRan by 102.5% in the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after acquiring an additional 7,192,955 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after acquiring an additional 7,044,775 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Freeport-McMoRan by 101.2% during the 1st quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock valued at $675,896,000 after acquiring an additional 5,784,156 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FCX shares. BMO Capital Markets reissued an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Sanford C. Bernstein upped their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. BNP Paribas Exane upped their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Finally, CICC Research reduced their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This represents a 11.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,600 shares of company stock valued at $1,802,012 over the last quarter. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX opened at $76.68 on Friday. The business’s fifty day moving average is $64.55 and its 200 day moving average is $63.42. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $77.33. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market cap of $110.11 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.71 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the business posted $0.54 EPS. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

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.