Freeport-McMoRan Inc. $FCX Shares Acquired by Allianz SE

Allianz SE raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 187,060 shares of the natural resource company’s stock after purchasing an additional 6,469 shares during the period. Allianz SE’s holdings in Freeport-McMoRan were worth $8,109,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its stake in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Freeport-McMoRan by 3.8% in the 1st quarter. Cerity Partners LLC now owns 178,638 shares of the natural resource company’s stock valued at $6,763,000 after buying an additional 6,499 shares in the last quarter. Stephens Inc. AR raised its stake in Freeport-McMoRan by 4.3% during the first quarter. Stephens Inc. AR now owns 56,777 shares of the natural resource company’s stock worth $2,150,000 after acquiring an additional 2,348 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Freeport-McMoRan by 35.4% during the first quarter. CWM LLC now owns 69,497 shares of the natural resource company’s stock worth $2,631,000 after purchasing an additional 18,164 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $41.74 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12. The company has a fifty day moving average of $41.85 and a 200-day moving average of $41.72. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $59.92 billion, a P/E ratio of 29.39, a P/E/G ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.38 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s payout ratio is presently 21.13%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Morgan Stanley cut their price objective on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft decreased their target price on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Finally, Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.