Conning Inc. Has $466,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Conning Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,586 shares of the natural resource company’s stock after purchasing an additional 573 shares during the period. Conning Inc.’s holdings in Freeport-McMoRan were worth $466,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors increased its stake in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Capital International Investors acquired a new position in Freeport-McMoRan during the 1st quarter worth about $417,752,000. Boston Partners boosted its position in shares of Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock valued at $227,747,000 after purchasing an additional 5,311,538 shares in the last quarter. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Finally, Asia Research & Capital Management Ltd acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $197,966,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank lowered their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, UBS Group raised their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Stock Performance

FCX traded down $1.36 during mid-day trading on Wednesday, reaching $43.87. 9,078,495 shares of the company traded hands, compared to its average volume of 13,355,864. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $63.02 billion, a P/E ratio of 39.06, a P/E/G ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company’s fifty day moving average price is $46.21 and its 200-day moving average price is $46.65.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.