Arrow Capital Pty Ltd Raises Holdings in Freeport-McMoRan Inc. $FCX

Arrow Capital Pty Ltd raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 88.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,100 shares of the natural resource company’s stock after acquiring an additional 53,100 shares during the quarter. Freeport-McMoRan makes up about 3.6% of Arrow Capital Pty Ltd’s holdings, making the stock its 12th biggest holding. Arrow Capital Pty Ltd’s holdings in Freeport-McMoRan were worth $4,903,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Freeport-McMoRan by 1.6% during the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock worth $5,504,754,000 after buying an additional 1,941,662 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 3.2% in the 2nd quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company’s stock valued at $2,703,250,000 after acquiring an additional 1,926,493 shares during the period. State Street Corp increased its holdings in shares of Freeport-McMoRan by 0.5% in the 2nd quarter. State Street Corp now owns 61,787,174 shares of the natural resource company’s stock valued at $2,678,474,000 after acquiring an additional 320,514 shares during the period. Price T Rowe Associates Inc. MD raised its position in 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 valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Finally, Amundi boosted its stake in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Royal Bank Of Canada dropped their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Jefferies Financial Group increased their price target on Freeport-McMoRan from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday. HSBC lowered their price objective on shares of Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, November 19th. Finally, Dbs Bank cut their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $47.73.

Freeport-McMoRan Trading Down 0.5%

NYSE FCX opened at $44.79 on Wednesday. The company has a market cap of $64.31 billion, a P/E ratio of 31.54, a P/E/G ratio of 1.02 and a beta of 1.49. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a 50-day moving average of $41.44 and a 200-day moving average of $42.31.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

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.