Freeport-McMoRan Inc. $FCX Stake Trimmed by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.4% during the first quarter, HoldingsChannel reports. The firm owned 13,116,518 shares of the natural resource company’s stock after selling 47,699 shares during the period. Dimensional Fund Advisors LP’s holdings in Freeport-McMoRan were worth $770,565,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCX. Pinnacle Bancorp Inc. boosted its holdings in shares of Freeport-McMoRan by 7.9% in the first 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 during the period. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Essex Bank raised its holdings in shares of Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock valued at $829,000 after acquiring an additional 163 shares during the period. Leo Wealth LLC raised its holdings in shares of Freeport-McMoRan by 2.5% during the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock valued at $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. lifted its position in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $58.44 on Monday. The firm has a 50 day simple moving average of $63.87 and a 200 day simple moving average of $62.01. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market cap of $84.02 billion, a P/E ratio of 31.09, a P/E/G ratio of 0.58 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the business earned $0.24 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. BMO Capital Markets raised their price objective on shares of Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 23rd. Bank of America boosted their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. HSBC increased their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Morgan Stanley lifted their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently 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.