Bank of New York Mellon Corp Has $1.12 Billion Position in Freeport-McMoRan Inc. $FCX

Bank of New York Mellon Corp cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,003,275 shares of the natural resource company’s stock after selling 3,682,148 shares during the quarter. Bank of New York Mellon Corp’s holdings in Freeport-McMoRan were worth $1,117,013,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its stake in shares of Freeport-McMoRan by 98.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. raised its position in 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 during the last quarter. Amundi lifted its holdings in Freeport-McMoRan by 102.5% during the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares during the period. PointState Capital LP acquired a new position in Freeport-McMoRan during the 4th quarter worth about $198,523,000. Finally, Victory Capital Management Inc. grew its position in shares of Freeport-McMoRan by 28.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock valued at $882,050,000 after buying an additional 3,894,872 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.5%

NYSE FCX opened at $61.00 on Thursday. The stock has a market capitalization of $87.69 billion, a P/E ratio of 32.45, a P/E/G ratio of 0.62 and a beta of 1.37. The business has a 50 day simple moving average of $63.97 and a 200 day simple moving average of $61.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent research reports. UBS Group increased their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday. BNP Paribas Exane increased their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Finally, Barclays restated an “overweight” rating and issued a $80.00 price target on shares of Freeport-McMoRan in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.77.

Freeport-McMoRan 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.