Patten & Patten Inc. TN trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,100 shares of the natural resource company’s stock after selling 870 shares during the quarter. Patten & Patten Inc. TN’s holdings in Freeport-McMoRan were worth $4,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 worth $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Amundi lifted its position in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its position in Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after acquiring an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after acquiring an additional 1,815,285 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts have commented on the company. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, October 8th. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Raymond James Financial lowered their price target on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $46.56.
Freeport-McMoRan Stock Performance
Shares of FCX stock opened at $41.76 on Thursday. The stock has a market cap of $59.96 billion, a PE ratio of 31.64, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58. The business has a 50-day simple moving average of $42.63 and a 200-day simple moving average of $40.60. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.12.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.
Freeport-McMoRan Company 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.
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