Bank of New York Mellon Corp Sells 706,803 Shares of Freeport-McMoRan Inc. $FCX

Bank of New York Mellon Corp decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,235,260 shares of the natural resource company’s stock after selling 706,803 shares during the period. Bank of New York Mellon Corp’s holdings in Freeport-McMoRan were worth $920,549,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Nuveen LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $366,959,000. Amundi grew its stake in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Crake Asset Management LLP grew its stake in Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after acquiring an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Finally, Mizuho Markets Cayman LP acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $159,147,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.76 on Monday. The stock has a market cap of $59.96 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.21. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a fifty day moving average of $42.52 and a 200-day moving average of $41.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 21.13%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FCX. Johnson Rice reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Clarkson Capital reissued a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. Finally, Scotiabank raised their target price on Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.01.

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. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.