Patton Fund Management Inc. Purchases 56,451 Shares of Freeport-McMoRan Inc. $FCX

Patton Fund Management Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1,152.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,348 shares of the natural resource company’s stock after acquiring an additional 56,451 shares during the period. Patton Fund Management Inc.’s holdings in Freeport-McMoRan were worth $3,606,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV increased its stake in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $8,857,000. Wellington Management Group LLP lifted its stake in shares of Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in shares of Freeport-McMoRan by 426.3% during the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after buying an additional 66,331 shares during the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its position in shares of Freeport-McMoRan by 175.4% in the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after acquiring an additional 878,760 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on FCX shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Scotiabank increased their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Sanford C. Bernstein raised their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. UBS Group lifted their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $68.27.

Freeport-McMoRan Price Performance

Shares of FCX opened at $62.31 on Monday. The business’s 50-day moving average is $64.61 and its two-hundred day moving average is $60.82. The company has a market capitalization of $89.57 billion, a P/E ratio of 33.14, a P/E/G ratio of 0.75 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week 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 analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the business posted $0.24 EPS. The company’s revenue was up 8.8% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.