True Vision MN LLC Takes Position in Freeport-McMoRan Inc. $FCX

True Vision MN LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, Holdings Channel.com reports. The fund purchased 9,766 shares of the natural resource company’s stock, valued at approximately $574,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan in the 4th quarter worth about $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $29,000. SHP Wealth Management bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $30,000. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Finally, MV Capital Management Inc. purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $34,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.2%

Freeport-McMoRan stock opened at $68.80 on Monday. The firm has a 50 day moving average price of $64.98 and a 200-day moving average price of $60.13. 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 twelve month low of $35.15 and a twelve month high of $72.28. The company has a market capitalization of $98.90 billion, a P/E ratio of 36.60, a P/E/G ratio of 0.83 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.

Analysts Set New Price Targets

FCX has been the subject of a number of research analyst reports. Scotiabank increased their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Jefferies Financial Group boosted their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. UBS Group upped their price objective on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. BNP Paribas Exane raised their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, CICC Research decreased their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.81.

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.