Gulf International Bank UK Ltd Boosts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Gulf International Bank UK Ltd increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 123,171 shares of the natural resource company’s stock after purchasing an additional 693 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Freeport-McMoRan were worth $5,791,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Freeport-McMoRan in the third quarter valued at approximately $2,224,000. Envestnet Asset Management Inc. lifted its stake in Freeport-McMoRan by 39.7% in the third quarter. Envestnet Asset Management Inc. now owns 1,095,378 shares of the natural resource company’s stock valued at $40,847,000 after buying an additional 311,036 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in Freeport-McMoRan by 1,589.2% in the third quarter. V Square Quantitative Management LLC now owns 5,321 shares of the natural resource company’s stock valued at $198,000 after buying an additional 5,006 shares during the last quarter. Dark Forest Capital Management LP lifted its stake in Freeport-McMoRan by 52.6% in the third quarter. Dark Forest Capital Management LP now owns 33,340 shares of the natural resource company’s stock valued at $1,243,000 after buying an additional 11,489 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in Freeport-McMoRan by 3.0% in the third quarter. LPL Financial LLC now owns 1,024,341 shares of the natural resource company’s stock valued at $38,198,000 after buying an additional 29,900 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.4 %

Shares of FCX stock opened at $49.56 on Friday. The business’s fifty day moving average price is $50.62 and its 200 day moving average price is $44.70. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The firm has a market capitalization of $71.19 billion, a PE ratio of 43.86, a P/E/G ratio of 2.15 and a beta of 1.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 445,667 shares of company stock valued at $22,755,070. Insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bernstein Bank boosted their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft upped their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, HSBC upped their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Company 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.