TIAA Trust National Association Boosts Holdings in Freeport-McMoRan Inc. $FCX

TIAA Trust National Association boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 329,243 shares of the natural resource company’s stock after purchasing an additional 55,381 shares during the period. TIAA Trust National Association’s holdings in Freeport-McMoRan were worth $14,273,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $366,959,000. Amundi grew its position in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP increased its stake in Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Finally, Mizuho Markets Cayman LP bought a new stake in shares of Freeport-McMoRan during the second quarter worth $159,147,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $41.76 on Monday. The firm has a market cap of $59.96 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 0.94 and a beta of 1.58. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $42.52 and its 200 day moving average is $41.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.38 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research analyst reports. Clarkson Capital restated a “neutral” rating and issued a $42.00 price target on shares of Freeport-McMoRan in a report on Thursday, September 25th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Finally, Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.01.

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.