Brown Advisory Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 6.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 25,368 shares of the natural resource company’s stock after selling 1,644 shares during the period. Brown Advisory Inc.’s holdings in Freeport-McMoRan were worth $1,038,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in FCX. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 131.5% in the fourth quarter. Franklin Resources Inc. now owns 10,414,862 shares of the natural resource company’s stock valued at $395,765,000 after buying an additional 5,916,905 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at about $113,926,000. Perpetual Ltd purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at about $98,937,000. Neuberger Berman Group LLC raised its holdings in shares of Freeport-McMoRan by 25.5% in the fourth quarter. Neuberger Berman Group LLC now owns 10,009,746 shares of the natural resource company’s stock valued at $380,411,000 after buying an additional 2,032,476 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in Freeport-McMoRan by 2,954.8% during the first quarter. Nordea Investment Management AB now owns 1,951,565 shares of the natural resource company’s stock worth $78,843,000 after purchasing an additional 1,887,680 shares in the last quarter. 79.35% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms recently issued reports on FCX. Barclays increased their price target on shares of Freeport-McMoRan from $24.00 to $29.00 and gave the stock an “underweight” rating in a report on Friday, April 21st. Morgan Stanley reissued an “equal weight” rating and set a $38.50 price target on shares of Freeport-McMoRan in a report on Friday, July 21st. 3M reissued an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, June 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Hold” and an average price target of $39.29.
Freeport-McMoRan Stock Down 3.3 %
FCX stock opened at $39.85 on Wednesday. The company’s 50 day simple moving average is $40.70 and its 200-day simple moving average is $39.73. The firm has a market capitalization of $57.13 billion, a PE ratio of 27.48 and a beta of 2.03. Freeport-McMoRan Inc. has a 12 month low of $26.03 and a 12 month high of $46.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The business had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter in the prior year, the company earned $0.58 earnings per share. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 14th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, July 13th. This represents a $0.60 dividend on an annualized basis and a yield of 1.51%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.69%.
Freeport-McMoRan 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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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