Capital International Investors Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Capital International Investors reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 33.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,652,756 shares of the natural resource company’s stock after selling 3,896,045 shares during the period. Capital International Investors’ holdings in Freeport-McMoRan were worth $388,757,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after buying an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after buying an additional 622,343 shares in the last quarter. State Street Corp grew its stake in shares of Freeport-McMoRan by 1.1% in the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after buying an additional 690,736 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 31,669,550 shares of the natural resource company’s stock worth $1,601,087,000 after acquiring an additional 238,997 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.0%

Shares of FCX opened at $63.37 on Monday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.09. The company has a 50-day moving average of $63.48 and a 200 day moving average of $58.31. The firm has a market capitalization of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. 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 (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the business posted $0.24 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. UBS Group raised their target price on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Wells Fargo & Company lowered their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Barclays assumed coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. Finally, CICC Research lowered their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.04.

About Freeport-McMoRan

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.