American Century Companies Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 29.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 614,609 shares of the natural resource company’s stock after purchasing an additional 139,002 shares during the period. American Century Companies Inc.’s holdings in Freeport-McMoRan were worth $25,112,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in FCX. Ruffer LLP acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $1,022,000. Connectus Wealth LLC increased its holdings in shares of Freeport-McMoRan by 0.5% during the first quarter. Connectus Wealth LLC now owns 276,699 shares of the natural resource company’s stock worth $11,320,000 after purchasing an additional 1,333 shares during the period. Greenleaf Trust raised its position in shares of Freeport-McMoRan by 2.9% in the first quarter. Greenleaf Trust now owns 23,079 shares of the natural resource company’s stock valued at $944,000 after buying an additional 649 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Freeport-McMoRan by 0.4% in the first quarter. Rhumbline Advisers now owns 2,640,218 shares of the natural resource company’s stock valued at $108,011,000 after buying an additional 11,185 shares during the period. Finally, Waratah Capital Advisors Ltd. grew its position in Freeport-McMoRan by 109.5% during the first quarter. Waratah Capital Advisors Ltd. now owns 46,863 shares of the natural resource company’s stock worth $1,917,000 after buying an additional 24,497 shares in the last quarter. 77.96% of the stock is currently owned by institutional investors.
Freeport-McMoRan Stock Up 3.2 %
NYSE:FCX opened at $40.21 on Wednesday. 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 Inc. has a one year low of $26.03 and a one year high of $46.73. The firm’s 50 day simple moving average is $40.70 and its 200 day simple moving average is $39.41. The company has a market cap of $57.64 billion, a PE ratio of 27.73 and a beta of 2.03.
Freeport-McMoRan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, July 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, July 13th. Freeport-McMoRan’s dividend payout ratio is presently 20.69%.
Wall Street Analysts Forecast Growth
FCX has been the subject of a number of recent analyst reports. Raymond James upped their target price on Freeport-McMoRan from $43.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, July 21st. 3M reissued an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. Morgan Stanley reaffirmed an “equal weight” rating and set a $38.50 price target on shares of Freeport-McMoRan in a report on Friday, July 21st. Sanford C. Bernstein initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, June 29th. They issued a “market perform” rating and a $41.00 price objective on the stock. Finally, Stifel Nicolaus reduced their target price on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus target price of $39.96.
View Our Latest Stock Analysis on Freeport-McMoRan
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, 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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