Capital International Inc. CA Purchases 160,182 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Capital International Inc. CA increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 189.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 244,562 shares of the natural resource company’s stock after buying an additional 160,182 shares during the quarter. Capital International Inc. CA’s holdings in Freeport-McMoRan were worth $11,499,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Capital International Investors bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $417,752,000. Capital Group Investment Management PTE. LTD. raised its holdings in Freeport-McMoRan by 134.7% during the 1st quarter. Capital Group Investment Management PTE. LTD. now owns 54,631 shares of the natural resource company’s stock worth $2,569,000 after buying an additional 31,352 shares during the period. Atalanta Sosnoff Capital LLC bought a new position in Freeport-McMoRan in the first quarter valued at approximately $20,827,000. Axxcess Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 28.5% in the first quarter. Axxcess Wealth Management LLC now owns 19,002 shares of the natural resource company’s stock valued at $893,000 after buying an additional 4,213 shares during the period. Finally, Freestone Capital Holdings LLC increased its position in shares of Freeport-McMoRan by 6.2% during the first quarter. Freestone Capital Holdings LLC now owns 62,160 shares of the natural resource company’s stock worth $2,923,000 after acquiring an additional 3,619 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FCX. Scotiabank reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research note on Wednesday. Bernstein Bank increased their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Insider Activity

In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of Freeport-McMoRan stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the sale, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at $187,438,509.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 in the last quarter. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.47 during trading hours on Friday, reaching $45.00. The stock had a trading volume of 10,389,902 shares, compared to its average volume of 13,718,868. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.41 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $64.64 billion, a PE ratio of 39.82, a PEG ratio of 1.01 and a beta of 1.92. The company’s 50-day moving average is $49.68 and its two-hundred day moving average is $46.02.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Freeport-McMoRan Profile

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.