Freeport-McMoRan Inc. $FCX Stake Boosted by Managed Asset Portfolios LLC

Managed Asset Portfolios LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 331,658 shares of the natural resource company’s stock after buying an additional 3,545 shares during the period. Freeport-McMoRan comprises 1.9% of Managed Asset Portfolios LLC’s investment portfolio, making the stock its 28th largest holding. Managed Asset Portfolios LLC’s holdings in Freeport-McMoRan were worth $14,377,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after acquiring an additional 1,941,662 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Freeport-McMoRan by 17.8% during the 1st 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 purchasing an additional 5,661,958 shares during the period. Amundi raised its stake in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after purchasing an additional 1,815,285 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Freeport-McMoRan by 21.7% in the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after buying an additional 2,133,846 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Tuesday, September 30th. Johnson Rice dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Scotiabank set a $47.00 price target on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a research note on Wednesday. Sanford C. Bernstein cut their price objective on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Buy” and an average price target of $46.78.

Freeport-McMoRan Stock Up 2.5%

FCX stock opened at $39.97 on Wednesday. The firm has a market cap of $57.39 billion, a PE ratio of 28.15, a PEG ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The company has a fifty day simple moving average of $41.39 and a 200 day simple moving average of $41.84. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last posted its 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 for the quarter, compared to analyst estimates of $6.74 billion. During the same period last year, the company earned $0.38 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

About Freeport-McMoRan

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.