Ninety One UK Ltd Has $236.11 Million Position in Freeport-McMoRan Inc. $FCX

Ninety One UK Ltd grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,446,597 shares of the natural resource company’s stock after acquiring an additional 968,537 shares during the quarter. Ninety One UK Ltd owned 0.38% of Freeport-McMoRan worth $236,110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of FCX. City Holding Co. purchased a new position in Freeport-McMoRan during the 1st quarter worth $33,000. Dagco Inc. purchased a new position in Freeport-McMoRan during the 1st quarter worth $37,000. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group purchased a new position in Freeport-McMoRan during the 1st quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan during the 1st quarter worth $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $39.24 on Wednesday. The firm has a market capitalization of $56.34 billion, a PE ratio of 29.73, a P/E/G ratio of 0.77 and a beta of 1.59. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $42.81 and a two-hundred day moving average price of $40.55. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. Equities analysts forecast 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 will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Analyst Ratings Changes

FCX has been the topic of a number of analyst reports. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, September 24th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $56.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, September 25th. Citigroup lifted their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Raymond James Financial lowered their target price on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Finally, CICC Research lowered their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $46.81.

Freeport-McMoRan 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.