Franklin Resources Inc. decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 53.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,091,272 shares of the natural resource company’s stock after selling 3,585,098 shares during the period. Franklin Resources Inc.’s holdings in Freeport-McMoRan were worth $90,451,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 116,550,170 shares of the natural resource company’s stock valued at $5,797,206,000 after purchasing an additional 1,808,548 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Freeport-McMoRan by 3.9% in the 1st quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock worth $2,524,330,000 after acquiring an additional 1,897,056 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Freeport-McMoRan by 25.3% in the 2nd quarter. Clearbridge Investments LLC now owns 11,827,474 shares of the natural resource company’s stock worth $346,072,000 after acquiring an additional 2,385,605 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,446,463 shares of the natural resource company’s stock worth $569,436,000 after acquiring an additional 107,372 shares in the last quarter. Finally, Eubel Brady & Suttman Asset Management Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $7,657,000. Institutional investors own 77.38% of the company’s stock.
Analyst Ratings Changes
FCX has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their target price on Freeport-McMoRan from $30.00 to $35.00 in a research report on Wednesday. Exane BNP Paribas lowered Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 target price for the company. in a research report on Thursday, October 6th. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $34.00 target price for the company. in a research report on Friday, November 11th. They noted that the move was a valuation call. StockNews.com started coverage on Freeport-McMoRan in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Barclays cut their price target on Freeport-McMoRan to $23.00 in a research note on Thursday, October 20th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.07.
Insider Buying and Selling at Freeport-McMoRan
Freeport-McMoRan Stock Performance
Shares of FCX opened at $38.04 on Thursday. The business’s fifty day simple moving average is $31.60 and its two-hundred day simple moving average is $32.11. The company has a current ratio of 2.56, a quick ratio of 1.76 and a debt-to-equity ratio of 0.40. Freeport-McMoRan Inc. has a 12 month low of $24.80 and a 12 month high of $51.99. The company has a market cap of $54.37 billion, a price-to-earnings ratio of 14.46 and a beta of 1.95.
Freeport-McMoRan (NYSE:FCX – Get Rating) last issued its earnings results on Thursday, October 20th. The natural resource company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.14). Freeport-McMoRan had a net margin of 16.72% and a return on equity of 17.69%. The business had revenue of $5 billion for the quarter, compared to analysts’ expectations of $4.91 billion. During the same quarter in the prior year, the business posted $0.89 earnings per share. The business’s revenue for the quarter was down 17.8% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.33 earnings per share for the current fiscal year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $0.60 annualized dividend and a yield of 1.58%. Freeport-McMoRan’s dividend payout ratio is 11.41%.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
- Get a free copy of the StockNews.com research report on Freeport-McMoRan (FCX)
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