Altshuler Shaham Ltd Buys 33,514 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Altshuler Shaham Ltd grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 91.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,270 shares of the natural resource company’s stock after buying an additional 33,514 shares during the quarter. Freeport-McMoRan makes up 0.1% of Altshuler Shaham Ltd’s holdings, making the stock its 24th biggest holding. Altshuler Shaham Ltd’s holdings in Freeport-McMoRan were worth $3,415,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted 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 in the last quarter. Capital Research Global Investors boosted its position 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 during the period. Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the last quarter. Price T Rowe Associates Inc. MD increased 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 acquiring an additional 2,392,800 shares during the period. Finally, Bank of New York Mellon Corp raised its stake 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 valued at $994,808,000 after acquiring an additional 1,551,828 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.4 %

FCX opened at $44.53 on Monday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a market cap of $63.97 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $43.55 and a 200 day moving average of $47.23.

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

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James decreased their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Finally, Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.79.

Freeport-McMoRan Company 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.