Freeport-McMoRan Inc. $FCX Stock Holdings Increased by ABN Amro Investment Solutions

ABN Amro Investment Solutions increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,712 shares of the natural resource company’s stock after acquiring an additional 11,033 shares during the period. ABN Amro Investment Solutions’ holdings in Freeport-McMoRan were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of FCX. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after acquiring an additional 9,924,573 shares during the period. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Amundi raised its position in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. PointState Capital LP acquired a new position in Freeport-McMoRan in the fourth quarter worth about $198,523,000. Finally, Victory Capital Management Inc. lifted its stake in Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCX. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Barclays increased their target price on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.95.

Key Stories Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

Freeport-McMoRan Trading Down 2.6%

Shares of FCX opened at $63.31 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market capitalization of $91.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The stock’s fifty day simple moving average is $63.59 and its 200-day simple moving average is $62.33.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan 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.