Strs Ohio Lowers Stake in Freeport-McMoRan Inc. $FCX

Strs Ohio cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the first quarter, Holdings Channel.com reports. The fund owned 389,224 shares of the natural resource company’s stock after selling 18,892 shares during the period. Strs Ohio’s holdings in Freeport-McMoRan were worth $22,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its position in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its position in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $560,000. Brown Advisory Inc. grew its stake in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares during the period. Finally, Jump Financial LLC grew its stake in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.1%

Shares of FCX stock opened at $60.88 on Friday. The stock’s fifty day moving average is $63.81 and its two-hundred day moving average is $61.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a market capitalization of $87.52 billion, a P/E ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. Research analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FCX shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. BMO Capital Markets lifted their target price on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. UBS Group boosted their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Finally, HSBC raised their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.36.

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.