Czech National Bank lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,672 shares of the natural resource company’s stock after purchasing an additional 1,311 shares during the period. Czech National Bank’s holdings in Freeport-McMoRan were worth $6,787,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Beach Investment Counsel Inc. PA lifted its holdings in Freeport-McMoRan by 62.2% during the fourth quarter. Beach Investment Counsel Inc. PA now owns 477,080 shares of the natural resource company’s stock worth $18,129,000 after acquiring an additional 182,997 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Freeport-McMoRan by 63.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 95,541 shares of the natural resource company’s stock worth $3,631,000 after purchasing an additional 37,029 shares in the last quarter. D L Carlson Investment Group Inc. raised its position in shares of Freeport-McMoRan by 37.4% in the first quarter. D L Carlson Investment Group Inc. now owns 156,602 shares of the natural resource company’s stock valued at $6,407,000 after purchasing an additional 42,619 shares during the period. Kingsview Wealth Management LLC bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $302,000. Finally, Cerity Partners LLC raised its holdings in Freeport-McMoRan by 6.3% during the 1st quarter. Cerity Partners LLC now owns 33,051 shares of the natural resource company’s stock valued at $1,349,000 after acquiring an additional 1,955 shares during the period. 77.96% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have recently commented on FCX shares. Raymond James raised their price target on Freeport-McMoRan from $43.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, July 21st. 1-800-FLOWERS.COM reaffirmed an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. Stifel Nicolaus lowered their target price on shares of Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, August 22nd. StockNews.com began coverage on Freeport-McMoRan in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Sanford C. Bernstein began coverage on Freeport-McMoRan in a report on Thursday, June 29th. They set a “market perform” rating and a $41.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $39.96.
Freeport-McMoRan Stock Performance
NYSE FCX opened at $40.37 on Friday. The company has a 50-day simple moving average of $40.92 and a two-hundred day simple moving average of $39.31. Freeport-McMoRan Inc. has a 12-month low of $26.03 and a 12-month high of $46.73. The firm has a market cap of $57.88 billion, a price-to-earnings ratio of 27.84 and a beta of 2.07. The company has a quick ratio of 1.72, a current ratio of 2.94 and a debt-to-equity ratio of 0.36.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The company had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the previous year, the business earned $0.58 earnings per share. Freeport-McMoRan’s revenue was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.62 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently declared 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. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.60 annualized dividend and a yield of 1.49%. Freeport-McMoRan’s payout ratio is currently 20.69%.
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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