Verde Servicos Internacionais S.A. Purchases New Position in Freeport-McMoRan Inc. $FCX

Verde Servicos Internacionais S.A. purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, HoldingsChannel.com reports. The firm purchased 80,770 shares of the natural resource company’s stock, valued at approximately $4,748,000. Freeport-McMoRan makes up approximately 1.5% of Verde Servicos Internacionais S.A.’s investment portfolio, making the stock its 20th biggest holding.

Several other large investors have also recently added to or reduced their stakes in FCX. Essex Bank increased its holdings in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after buying an additional 163 shares in the last quarter. Leo Wealth LLC boosted its holdings in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares in the last quarter. Physician Wealth Advisors Inc. boosted its holdings in shares of Freeport-McMoRan by 23.5% in the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock worth $47,000 after acquiring an additional 176 shares in the last quarter. Castle Rock Wealth Management LLC grew its position in Freeport-McMoRan by 3.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after acquiring an additional 180 shares during the last quarter. Finally, GW&K Investment Management LLC grew its position in Freeport-McMoRan by 11.1% during the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after acquiring an additional 184 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $64.46 on Wednesday. The stock has a market capitalization of $92.67 billion, a P/E ratio of 34.29, a P/E/G ratio of 0.84 and a beta of 1.35. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year 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 business has a 50-day moving average price of $64.97 and a two-hundred day moving average price of $60.46.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $5.73 billion. During the same period in the prior year, the company posted $0.24 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FCX. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Morgan Stanley restated an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Citigroup lowered their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Raymond James Financial reduced their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.81.

About Freeport-McMoRan

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.