Mediolanum International Funds Ltd Sells 347,558 Shares of Freeport-McMoRan Inc. $FCX

Mediolanum International Funds Ltd decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 38.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 553,087 shares of the natural resource company’s stock after selling 347,558 shares during the period. Mediolanum International Funds Ltd’s holdings in Freeport-McMoRan were worth $30,226,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Pinnacle Bancorp Inc. lifted its position in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Essex Bank increased its position in Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after buying an additional 163 shares during the last quarter. Leo Wealth LLC raised its stake in Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after buying an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. raised its stake in Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after buying an additional 175 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.2%

Shares of FCX stock opened at $58.44 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a market capitalization of $84.02 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 0.58 and a beta of 1.37. The firm has a 50 day moving average price of $63.87 and a two-hundred day moving average price of $61.94. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last posted its 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 for the quarter, compared to the consensus estimate 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 for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. As a group, analysts predict that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on FCX shares. CICC Research cut their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Morgan Stanley increased their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings cut shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.77.

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.