Freeport-McMoRan Inc. $FCX Shares Bought by Crescent Grove Advisors LLC

Crescent Grove Advisors LLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 160.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,848 shares of the natural resource company’s stock after acquiring an additional 9,753 shares during the period. Crescent Grove Advisors LLC’s holdings in Freeport-McMoRan were worth $932,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares in the last quarter. State Street Corp boosted its holdings in Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares in the last quarter. Franklin Resources Inc. increased its position in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Morgan Stanley increased its position in Freeport-McMoRan by 10.1% during the 4th quarter. Morgan Stanley now owns 34,262,241 shares of the natural resource company’s stock worth $1,740,179,000 after purchasing an additional 3,130,046 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.1%

Shares of Freeport-McMoRan stock opened at $58.44 on Monday. The company has a 50-day moving average of $63.87 and a two-hundred day moving average of $62.01. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The stock has a market cap of $84.02 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 0.58 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 15.96%.

Analyst Ratings Changes

Several analysts have recently commented on FCX shares. Barclays raised their price target on Freeport-McMoRan from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday. BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. BMO Capital Markets increased their price objective on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday. Finally, Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.77.

Freeport-McMoRan Company Profile

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.