Sei Investments Co. Buys 38,233 Shares of Freeport-McMoRan Inc. $FCX

Sei Investments Co. lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,098,433 shares of the natural resource company’s stock after purchasing an additional 38,233 shares during the period. Sei Investments Co. owned 0.08% of Freeport-McMoRan worth $64,566,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the 1st quarter worth about $29,000. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the 4th quarter worth about $25,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, Financial Life Planners purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $34,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Scotiabank upped their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. Wells Fargo & Company boosted their price objective on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. CICC Research cut their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Freeport-McMoRan News Roundup

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 Trading Down 1.5%

NYSE:FCX opened at $62.54 on Friday. The firm has a fifty day simple moving average of $63.58 and a 200-day simple moving average of $62.33. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a current ratio of 2.07, a quick ratio of 1.13 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $89.90 billion, a P/E ratio of 30.81, a PEG ratio of 0.63 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

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.