Freeport-McMoRan Inc. $FCX Shares Sold by USS Investment Management Ltd

USS Investment Management Ltd reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 248,404 shares of the natural resource company’s stock after selling 27,900 shares during the period. USS Investment Management Ltd’s holdings in Freeport-McMoRan were worth $9,403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in FCX. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $35,000. Dagco Inc. bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $37,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $42,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Freeport-McMoRan by 38.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock worth $44,000 after purchasing an additional 319 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on FCX. Royal Bank Of Canada boosted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Finally, Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.00.

Freeport-McMoRan Stock Up 0.7%

FCX stock opened at $46.37 on Monday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company’s 50 day simple moving average is $43.64 and its 200-day simple moving average is $39.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm has a market capitalization of $66.58 billion, a P/E ratio of 35.13, a P/E/G ratio of 0.88 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan’s payout ratio is currently 22.73%.

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.