Flputnam Investment Management Co. Purchases 48,020 Shares of Freeport-McMoRan Inc. $FCX

Flputnam Investment Management Co. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 39.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 169,480 shares of the natural resource company’s stock after purchasing an additional 48,020 shares during the period. Flputnam Investment Management Co.’s holdings in Freeport-McMoRan were worth $6,416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FCX. Brighton Jones LLC lifted its stake in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its stake in shares of Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after acquiring an additional 115,552 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 127.8% in the 4th quarter. AQR Capital Management LLC now owns 792,901 shares of the natural resource company’s stock valued at $30,194,000 after acquiring an additional 444,763 shares during the last quarter. Bison Wealth LLC lifted its stake in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $581,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.1%

FCX opened at $44.42 on Monday. The business has a 50 day simple moving average of $43.34 and a two-hundred day simple moving average of $39.65. The firm has a market capitalization of $63.78 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 0.84 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX) last released 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 business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCX shares. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price for the company. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. UBS Group lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.00.

About Freeport-McMoRan

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.