Acadian Asset Management LLC Invests $99,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Acadian Asset Management LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,050 shares of the natural resource company’s stock, valued at approximately $99,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Capital Research Global Investors lifted its holdings in Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after buying an additional 2,392,800 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.79.

Freeport-McMoRan Trading Down 1.4 %

NYSE FCX opened at $44.53 on Friday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a market cap of $63.97 billion, a P/E ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89. The stock’s 50-day moving average is $43.55 and its 200-day moving average is $47.16.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the company posted $0.35 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Freeport-McMoRan 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.