Freeport-McMoRan Inc. $FCX Shares Sold by Ninety One SA PTY Ltd

Ninety One SA PTY Ltd trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,096 shares of the natural resource company’s stock after selling 334 shares during the quarter. Ninety One SA PTY Ltd’s holdings in Freeport-McMoRan were worth $311,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FCX. Ninety One UK Ltd lifted its stake in Freeport-McMoRan by 21.6% in the 2nd quarter. Ninety One UK Ltd now owns 5,446,597 shares of the natural resource company’s stock valued at $236,110,000 after buying an additional 968,537 shares in the last quarter. Childress Capital Advisors LLC raised its holdings in shares of Freeport-McMoRan by 6.3% in the second quarter. Childress Capital Advisors LLC now owns 7,704 shares of the natural resource company’s stock worth $334,000 after acquiring an additional 457 shares during the last quarter. Cooper Financial Group raised its holdings in shares of Freeport-McMoRan by 23.7% in the second quarter. Cooper Financial Group now owns 19,320 shares of the natural resource company’s stock worth $838,000 after acquiring an additional 3,703 shares during the last quarter. Truist Financial Corp increased its position in Freeport-McMoRan by 22.0% during the 2nd quarter. Truist Financial Corp now owns 165,751 shares of the natural resource company’s stock worth $7,185,000 after purchasing an additional 29,837 shares in the last quarter. Finally, Bourgeon Capital Management LLC increased its position in Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $39.24 on Wednesday. The business’s fifty day moving average price is $42.81 and its 200 day moving average price is $40.55. The stock has a market capitalization of $56.34 billion, a P/E ratio of 29.73, a PEG ratio of 0.77 and a beta of 1.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.45.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. As a group, 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 disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

Several research firms have issued reports on FCX. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 24th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday. Scotiabank reiterated a “sector perform” rating and issued a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th. UBS Group lowered their price objective on Freeport-McMoRan from $50.00 to $42.50 and set a “neutral” rating for the company in a research report on Thursday, September 25th. Finally, Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.81.

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.