Freeport-McMoRan Inc. $FCX Shares Acquired by Sava Infond d.o.o.

Sava Infond d.o.o. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 6,000 shares of the natural resource company’s stock after buying an additional 2,000 shares during the period. Sava Infond d.o.o.’s holdings in Freeport-McMoRan were worth $260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FCX. Nuveen LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $366,959,000. Amundi raised its position in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP raised its position in shares of Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after acquiring an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after acquiring an additional 2,642,810 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FCX. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 target price on the stock. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday. Johnson Rice cut their price target on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. HSBC cut their price target on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Thursday, September 25th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Trading Up 2.0%

Shares of FCX stock opened at $39.66 on Friday. The business’s 50 day moving average is $42.47 and its two-hundred day moving average is $40.54. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.19. The company has a market capitalization of $56.94 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 0.71 and a beta of 1.58. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the business posted $0.46 EPS. The company’s revenue was up 14.5% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

About Freeport-McMoRan

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.