Shariaportfolio Inc. Acquires Shares of 15,891 Freeport-McMoRan Inc. $FCX

Shariaportfolio Inc. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, HoldingsChannel reports. The institutional investor bought 15,891 shares of the natural resource company’s stock, valued at approximately $934,000. Freeport-McMoRan comprises 0.4% of Shariaportfolio Inc.’s portfolio, making the stock its 28th biggest holding.

A number of other hedge funds also recently modified their holdings of FCX. KBC Group NV boosted its stake in Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after acquiring an additional 73,002 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after purchasing an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Freeport-McMoRan during the 4th quarter worth about $8,857,000. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Freeport-McMoRan by 205.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after buying an additional 213,477 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FCX. Bank of America increased their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Stifel Nicolaus increased their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Sanford C. Bernstein lifted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company boosted their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Stock Down 0.2%

Shares of NYSE FCX opened at $62.53 on Monday. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The business’s fifty day moving average price is $63.69 and its 200-day moving average price is $62.59. The stock has a market capitalization of $89.89 billion, a PE ratio of 30.80, a P/E/G ratio of 0.63 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the business earned $0.54 earnings per share. The company’s quarterly revenue was down 7.3% on a year-over-year basis. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company 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.