Freeport-McMoRan Inc. $FCX Shares Acquired by Korea Investment CORP

Korea Investment CORP increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 32.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,737,410 shares of the natural resource company’s stock after buying an additional 429,001 shares during the quarter. Korea Investment CORP owned about 0.12% of Freeport-McMoRan worth $88,243,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV increased its stake in Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after buying an additional 73,002 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $8,857,000. Wellington Management Group LLP boosted its holdings in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Freeport-McMoRan by 426.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after acquiring an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its stake in shares of Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after acquiring an additional 878,760 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.9%

Shares of NYSE FCX opened at $68.28 on Friday. 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 Inc. has a 52 week low of $35.15 and a 52 week high of $72.09. The firm has a 50-day moving average price of $64.24 and a 200 day moving average price of $59.05. The stock has a market capitalization of $98.15 billion, a price-to-earnings ratio of 36.32, a price-to-earnings-growth ratio of 0.80 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the business earned $0.24 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid a $0.075 dividend. 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%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Morgan Stanley reissued an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. The Goldman Sachs Group lifted their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Scotiabank dropped their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, April 24th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Finally, Bank of America raised their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $66.86.

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.