Fullerton Fund Management Co Ltd. Makes New Investment in Freeport-McMoRan Inc. $FCX

Fullerton Fund Management Co Ltd. acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 9,735 shares of the natural resource company’s stock, valued at approximately $494,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% in the fourth 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 period. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% in the fourth 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 period. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan in the second quarter valued at about $560,000. Brown Advisory Inc. boosted its position in shares of Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares during the period. Finally, Jump Financial LLC boosted its position in shares of Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares during the period. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FCX. UBS Group boosted their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Bank of America boosted their target price on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, HSBC boosted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $67.31.

Freeport-McMoRan Stock Up 0.0%

FCX stock opened at $70.16 on Wednesday. The company has a market cap of $100.85 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35. The business has a 50-day simple moving average of $64.59 and a 200 day simple moving average of $59.58. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.51 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

About Freeport-McMoRan

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.