Hanseatic Management Services Inc. Takes $1.16 Million Position in Freeport-McMoRan Inc. $FCX

Hanseatic Management Services Inc. acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, Holdings Channel.com reports. The fund acquired 19,732 shares of the natural resource company’s stock, valued at approximately $1,160,000.

Several other large investors also recently bought and sold shares of FCX. Pinnacle Bancorp Inc. grew its stake in shares of Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after acquiring an additional 147 shares during the period. Steph & Co. lifted its holdings in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Essex Bank boosted its stake in shares of Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after buying an additional 163 shares during the last quarter. Leo Wealth LLC grew its holdings in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its holdings in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock worth $1,098,000 after acquiring an additional 175 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCX. Weiss Ratings downgraded Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. The Goldman Sachs Group cut their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. BNP Paribas Exane upped their price target on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, UBS Group raised their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $68.77.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $58.44 on Friday. The stock has a market cap of $84.02 billion, a P/E ratio of 31.09, a P/E/G ratio of 0.58 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock’s fifty day moving average is $63.87 and its 200 day moving average is $61.94. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during 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%.Freeport-McMoRan’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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