Freeport-McMoRan Inc. $FCX Shares Sold by Systematic Financial Management LP

Systematic Financial Management LP decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 14,135 shares of the natural resource company’s stock after selling 14,515 shares during the period. Systematic Financial Management LP’s holdings in Freeport-McMoRan were worth $831,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. KBC Group NV raised its stake in Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after acquiring an additional 73,002 shares during the last quarter. Fifth Third Bancorp grew its stake in Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after purchasing an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $8,857,000. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after purchasing an additional 213,477 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $62.54 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $89.90 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The stock’s 50-day moving average price is $63.58 and its 200-day moving average price is $62.33.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.72 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. 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 (DPR) is presently 15.96%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday. Scotiabank upped their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research report on Monday, June 15th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group reduced their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Finally, BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.18.

Key Headlines Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

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.