Meitav Dash Investments Ltd. Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Meitav Dash Investments Ltd. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 17.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 287,822 shares of the natural resource company’s stock after purchasing an additional 43,611 shares during the quarter. Meitav Dash Investments Ltd.’s holdings in Freeport-McMoRan were worth $14,243,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Capital Research Global Investors lifted its position in Freeport-McMoRan by 19.5% during the 4th quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock worth $3,080,385,000 after acquiring an additional 12,060,475 shares in the last quarter. State Street Corp raised its position in shares of Freeport-McMoRan by 0.9% in the 4th quarter. State Street Corp now owns 66,639,592 shares of the natural resource company’s stock valued at $2,780,870,000 after purchasing an additional 611,927 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Freeport-McMoRan by 3.9% in the 1st quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock valued at $2,524,330,000 after purchasing an additional 1,897,056 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Freeport-McMoRan by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 24,550,497 shares of the natural resource company’s stock valued at $1,021,538,000 after purchasing an additional 219,573 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Freeport-McMoRan by 2.2% in the 4th quarter. Northern Trust Corp now owns 18,541,750 shares of the natural resource company’s stock valued at $773,747,000 after purchasing an additional 397,852 shares in the last quarter. Hedge funds and other institutional investors own 77.37% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $30.27 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94. Freeport-McMoRan Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $51.99. The stock’s 50-day moving average is $32.14 and its two-hundred day moving average is $39.63. The firm has a market cap of $43.87 billion, a P/E ratio of 9.20, a PEG ratio of 0.30 and a beta of 2.01.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). The company had revenue of $5.42 billion for the quarter, compared to analyst estimates of $6.20 billion. Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The business’s revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.77 EPS. Analysts predict that Freeport-McMoRan Inc. will post 3.24 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Thursday, July 14th. Freeport-McMoRan’s dividend payout ratio is 9.12%.

Insider Activity

In related news, Director Sara Grootwassink Lewis acquired 3,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were acquired at an average price of $28.79 per share, with a total value of $86,370.00. Following the acquisition, the director now owns 13,800 shares in the company, valued at approximately $397,302. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Freeport-McMoRan news, Director Sara Grootwassink Lewis bought 3,000 shares of the stock in a transaction on Wednesday, August 3rd. The shares were purchased at an average price of $28.79 per share, with a total value of $86,370.00. Following the acquisition, the director now directly owns 13,800 shares of the company’s stock, valued at approximately $397,302. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dustan E. Mccoy sold 8,200 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the sale, the director now directly owns 134,400 shares in the company, valued at approximately $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. Raymond James cut their target price on Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, July 4th. Exane BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price target on the stock in a research report on Wednesday, July 13th. BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price target on the stock in a research report on Wednesday, July 13th. Credit Suisse Group dropped their price target on Freeport-McMoRan to $34.00 in a research report on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $42.00.

About Freeport-McMoRan

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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