Friedenthal Financial Invests $992,000 in Freeport-McMoRan Inc. $FCX

Friedenthal Financial acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 16,883 shares of the natural resource company’s stock, valued at approximately $992,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after buying an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the last quarter. Amundi lifted its position in shares of Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares during the last quarter. Finally, PointState Capital LP bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $198,523,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 4.0%

Shares of NYSE:FCX opened at $61.80 on Thursday. 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 50-day moving average is $64.84 and its 200-day moving average is $60.58. The company has a market cap of $88.85 billion, a P/E ratio of 32.87, a P/E/G ratio of 0.78 and a beta of 1.35. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Analysts Set New Price Targets

FCX has been the topic of a number of analyst reports. Barclays initiated coverage on Freeport-McMoRan in a report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective on the stock. BMO Capital Markets boosted their target price on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Bank of America increased 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. Finally, CICC Research dropped their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

Key Headlines Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and reiterated an outperform rating, signaling confidence in further upside for the copper producer. BMO Capital adjusts price target on Freeport-McMoRan to $78 from $68, maintains outperform rating
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, split between a base and variable dividend, reinforcing its shareholder-return policy. Freeport Declares Quarterly Cash Dividends on Common Stock
• Neutral Sentiment: New commentary highlighted FCX as a “strong growth stock,” and other coverage pointed to favorable copper prices and ongoing growth projects, but these were more screening/overview pieces than direct catalysts. Here’s Why Freeport-McMoRan (FCX) is a Strong Growth Stock
• Neutral Sentiment: Recent articles also noted that FCX underperformed its peers and the market in the prior session, which may be tempering enthusiasm despite the bullish long-term copper backdrop. Freeport-McMoRan Inc. stock underperforms Tuesday when compared to competitors
• Negative Sentiment: FCX was also reported to have suffered a sizable drop in the prior trading session, suggesting some near-term pressure may still be weighing on the stock. Freeport-McMoRan (FCX) Registers a Bigger Fall Than the Market: Important Facts to Note

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.