Railway Pension Investments Ltd Purchases 153,300 Shares of Freeport-McMoRan Inc. $FCX

Railway Pension Investments Ltd lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,035,700 shares of the natural resource company’s stock after buying an additional 153,300 shares during the quarter. Freeport-McMoRan comprises 1.2% of Railway Pension Investments Ltd’s holdings, making the stock its 26th biggest position. Railway Pension Investments Ltd owned 0.14% of Freeport-McMoRan worth $88,248,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Callan Family Office LLC increased its holdings in shares of Freeport-McMoRan by 229.9% during the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after buying an additional 18,803 shares in the last quarter. New York Life Investment Management LLC grew its position in Freeport-McMoRan by 11.8% during the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after acquiring an additional 22,766 shares during the last quarter. Bourgeon Capital Management LLC increased its holdings in Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Mercuria Capital Strategies LLC bought a new position in Freeport-McMoRan in the second quarter valued at about $9,970,000. Finally, LGT Fund Management Co Ltd. boosted its stake in shares of Freeport-McMoRan by 1,028.6% during the second quarter. LGT Fund Management Co Ltd. now owns 89,862 shares of the natural resource company’s stock valued at $3,896,000 after purchasing an additional 81,900 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. BNP Paribas Exane lowered their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $46.73.

Freeport-McMoRan Trading Up 1.8%

Shares of FCX stock opened at $42.91 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a 50 day simple moving average of $40.75 and a two-hundred day simple moving average of $41.99. The company has a market cap of $61.61 billion, a P/E ratio of 30.21, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

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.