Freeport-McMoRan Inc. $FCX Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 98.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 19,973,108 shares of the natural resource company’s stock after purchasing an additional 9,924,573 shares during the period. Freeport-McMoRan accounts for 0.6% of Arrowstreet Capital Limited Partnership’s holdings, making the stock its 28th biggest holding. Arrowstreet Capital Limited Partnership’s holdings in Freeport-McMoRan were worth $1,014,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the stock. Atlas Capital Advisors Inc. acquired a new stake in Freeport-McMoRan in the fourth quarter worth $666,000. Acasta Partners UK LLP acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $5,126,000. Aptus Capital Advisors LLC increased its stake in shares of Freeport-McMoRan by 8.0% in the fourth quarter. Aptus Capital Advisors LLC now owns 94,976 shares of the natural resource company’s stock valued at $4,824,000 after purchasing an additional 7,008 shares during the period. Apriem Advisors increased its stake in shares of Freeport-McMoRan by 13.1% in the fourth quarter. Apriem Advisors now owns 5,870 shares of the natural resource company’s stock valued at $298,000 after purchasing an additional 681 shares during the period. Finally, FORA Capital LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $1,043,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FCX. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Scotiabank dropped their price target on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. Wells Fargo & Company dropped their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Finally, Jefferies Financial Group raised their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.86.

Freeport-McMoRan Price Performance

Shares of FCX opened at $68.28 on Friday. The firm has a market capitalization of $98.15 billion, a price-to-earnings ratio of 36.32, a price-to-earnings-growth ratio of 0.82 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 one year low of $35.15 and a one year high of $72.09. The stock’s fifty day moving average is $64.24 and its 200-day moving average is $59.05.

Freeport-McMoRan (NYSE:FCX) last issued 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 company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Freeport-McMoRan Company 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.