Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,175,000 shares of the natural resource company’s stock after buying an additional 5,000 shares during the period. Freeport-McMoRan makes up 5.6% of Pacific Heights Asset Management LLC’s holdings, making the stock its 5th biggest holding. Pacific Heights Asset Management LLC’s holdings in Freeport-McMoRan were worth $82,346,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP increased its position in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after purchasing an additional 6,486,011 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Amundi grew its position in shares of Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after buying an additional 5,001,531 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after buying an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Freeport-McMoRan by 8.0% in the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock valued at $1,123,445,000 after buying an additional 2,191,926 shares during the period. 80.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group cut their price target on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Finally, Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $48.27.

Freeport-McMoRan Stock Up 0.2%

FCX stock opened at $45.86 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The stock has a market capitalization of $65.90 billion, a P/E ratio of 37.90, a P/E/G ratio of 0.86 and a beta of 1.64. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The business has a 50-day moving average of $40.01 and a 200-day moving average of $38.26.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The business’s revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.31%. Freeport-McMoRan’s payout ratio is 24.79%.

Freeport-McMoRan Company Profile

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.