Rakuten Investment Management Inc. Reduces Stock Holdings in Freeport-McMoRan Inc. $FCX

Rakuten Investment Management Inc. lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 59.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 188,890 shares of the natural resource company’s stock after selling 272,386 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Freeport-McMoRan were worth $9,724,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. KBC Group NV increased its position in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $8,857,000. Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in Freeport-McMoRan by 426.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock worth $3,212,000 after purchasing an additional 66,331 shares in the last quarter. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its position in Freeport-McMoRan by 175.4% during the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after purchasing an additional 878,760 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.0%

FCX opened at $70.16 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market capitalization of $100.85 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35. The business has a 50-day moving average of $64.59 and a two-hundred day moving average of $59.58. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.09.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s payout ratio is 15.96%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FCX. BNP Paribas Exane dropped their price objective on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Sanford C. Bernstein lifted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. HSBC lifted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $67.31.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.