Meyer Handelman Co. Has $5.51 Million Holdings in Freeport-McMoRan Inc (FCX)
Meyer Handelman Co. reduced its position in Freeport-McMoRan Inc (NYSE:FCX) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 534,087 shares of the natural resource company’s stock after selling 16,500 shares during the quarter. Meyer Handelman Co.’s holdings in Freeport-McMoRan were worth $5,506,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 3.6% in the third quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after purchasing an additional 5,375,340 shares during the last quarter. Vanguard Group Inc lifted its stake in shares of Freeport-McMoRan by 3.6% during the third quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after buying an additional 5,375,340 shares during the period. BlackRock Inc. lifted its stake in shares of Freeport-McMoRan by 8.9% during the third quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after buying an additional 8,364,557 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Freeport-McMoRan by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 32,378,452 shares of the natural resource company’s stock worth $333,822,000 after buying an additional 121,884 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Freeport-McMoRan by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock worth $470,631,000 after buying an additional 6,041,164 shares during the period. 70.49% of the stock is currently owned by institutional investors and hedge funds.
FCX has been the subject of several research reports. Raymond James reiterated a “market perform” rating and set a $16.00 price objective on shares of Freeport-McMoRan in a research note on Monday, December 24th. ValuEngine upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 10th. Citigroup lowered their price objective on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, October 17th. Credit Suisse Group initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, January 9th. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Royal Bank of Canada downgraded shares of Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective for the company. in a research note on Tuesday, November 6th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $16.26.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.86 billion. Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.88%. The company’s revenue for the quarter was down 26.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 earnings per share. Research analysts expect that Freeport-McMoRan Inc will post 0.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 1st. Investors of record on Tuesday, January 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, January 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.74%. Freeport-McMoRan’s dividend payout ratio is presently 13.16%.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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 and El Abra mines in South America.
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