Healthcare of Ontario Pension Plan Trust Fund Buys 157,804 Shares of Freeport-McMoRan Inc. $FCX

Healthcare of Ontario Pension Plan Trust Fund increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 29.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 694,569 shares of the natural resource company’s stock after purchasing an additional 157,804 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Freeport-McMoRan were worth $40,827,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pinnacle Bancorp Inc. grew its holdings in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the period. Essex Bank boosted its position in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after acquiring an additional 163 shares during the period. Leo Wealth LLC boosted its position in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its stake in Freeport-McMoRan by 0.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

FCX stock opened at $62.54 on Friday. The firm has a 50 day simple moving average of $63.58 and a two-hundred day simple moving average of $62.33. The stock has a market cap of $89.90 billion, a PE ratio of 30.81, a P/E/G ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter last year, the company posted $0.54 EPS. The business’s quarterly revenue was down 7.3% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 2.75 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

More Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Wall Street Analyst Weigh In

Several research firms have issued reports on FCX. CICC Research cut their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Jefferies Financial Group increased 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. BNP Paribas Exane lifted their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Finally, Barclays boosted their target price on Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $70.18.

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.