IFM Investors Pty Ltd Trims Stake in Freeport-McMoRan Inc. $FCX

IFM Investors Pty Ltd decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 258,231 shares of the natural resource company’s stock after selling 2,728 shares during the quarter. IFM Investors Pty Ltd’s holdings in Freeport-McMoRan were worth $9,777,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FCX. City Holding Co. purchased a new stake in Freeport-McMoRan during the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth $35,000. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $37,000. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCX. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Scotiabank boosted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 9th. UBS Group lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and increased their target price for the company from $45.00 to $50.00 in a report on Friday, July 11th. Bank of America reissued a “neutral” rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Finally, Hsbc Global Res cut shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Freeport-McMoRan Price Performance

FCX stock opened at $44.89 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The stock’s 50 day moving average is $43.69 and its two-hundred day moving average is $40.00. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $64.45 billion, a PE ratio of 34.00, a P/E/G ratio of 0.83 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

Freeport-McMoRan 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.