178,368 Shares in Freeport-McMoRan Inc. $FCX Purchased by Wealth High Governance Asset Management Ltda.

Wealth High Governance Asset Management Ltda. purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 178,368 shares of the natural resource company’s stock, valued at approximately $10,484,000. Freeport-McMoRan comprises approximately 3.7% of Wealth High Governance Asset Management Ltda.’s investment portfolio, making the stock its 6th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its position in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $560,000. Brown Advisory Inc. increased its stake in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after buying an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC lifted its position in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after buying an additional 14,992 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.2%

Shares of Freeport-McMoRan stock opened at $62.53 on Monday. The company’s 50-day moving average price is $63.69 and its 200-day moving average price is $62.59. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a market cap of $89.89 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 0.63 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Friday, July 24th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. BNP Paribas Exane upped their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Finally, UBS Group increased their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

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.