JTC Employer Solutions Trustee Ltd Reduces Stock Holdings in Freeport-McMoRan Inc. $FCX

JTC Employer Solutions Trustee Ltd decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 25.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 60,000 shares of the natural resource company’s stock after selling 20,000 shares during the quarter. JTC Employer Solutions Trustee Ltd’s holdings in Freeport-McMoRan were worth $2,600,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Freeport-McMoRan by 1.5% in 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 purchasing an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 last quarter. Amundi lifted its stake in shares of 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 last quarter. Bank of New York Mellon Corp lifted its stake in shares of 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.2%

Shares of FCX stock opened at $41.18 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12. The stock’s fifty day moving average price is $42.64 and its 200 day moving average price is $40.65. 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 company has a market cap of $59.12 billion, a price-to-earnings ratio of 31.20, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm 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 firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared 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 presently 22.73%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCX. Raymond James Financial decreased their price target on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the stock from $43.00 to $50.00 in a research note on Friday. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a research note on Thursday, September 25th. Scotiabank reissued a “sector perform” rating and set a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Finally, Dbs Bank decreased their target price on Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.90.

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.