Freeport-McMoRan Inc. $FCX Position Lifted by Atria Investments Inc

Atria Investments Inc raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% during the second quarter, HoldingsChannel reports. The fund owned 72,249 shares of the natural resource company’s stock after acquiring an additional 3,078 shares during the quarter. Atria Investments Inc’s holdings in Freeport-McMoRan were worth $3,132,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in FCX. Nuveen LLC bought a new position in Freeport-McMoRan during the 1st quarter valued at $366,959,000. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP lifted its position in shares of Freeport-McMoRan by 2,140.8% in 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 buying an additional 5,665,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% in 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 buying an additional 5,661,958 shares during the last quarter. Finally, Mizuho Markets Cayman LP bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $159,147,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.76 on Monday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.21. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $42.52 and a 200-day moving average of $41.45. The firm has a market cap of $59.96 billion, a price-to-earnings ratio of 29.41, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 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, November 3rd. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. Royal Bank Of Canada reduced their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Jefferies Financial Group restated a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.01.

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.