Diamant Asset Management Inc. bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 235,120 shares of the natural resource company’s stock, valued at approximately $13,820,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan in the fourth quarter valued at about $25,000. Steph & Co. grew its stake in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $29,000. SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $30,000. Finally, JPL Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $33,000. 80.77% of the stock is owned by institutional investors.
Freeport-McMoRan Price Performance
FCX opened at $62.31 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market capitalization of $89.57 billion, a P/E ratio of 33.14, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The company’s 50 day simple moving average is $64.61 and its 200-day simple moving average is $60.71. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.
Analyst Ratings Changes
Several research analysts have recently commented on the company. BNP Paribas Exane boosted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Wells Fargo & Company cut their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Barclays started coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Raymond James Financial lowered their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.27.
Read Our Latest Stock Analysis on FCX
About Freeport-McMoRan
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.
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