Freeport-McMoRan Inc. $FCX Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 20.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 757,947 shares of the natural resource company’s stock after selling 189,813 shares during the quarter. Gamco Investors INC. ET AL owned 0.05% of Freeport-McMoRan worth $44,552,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FCX. Steph & Co. raised 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 worth $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan in the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter valued at $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the 4th quarter valued at $29,000. Finally, Financial Life Planners acquired a new position in Freeport-McMoRan in the 1st quarter valued at $34,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.5%

NYSE:FCX opened at $62.54 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.13 and a current ratio of 2.07. The stock has a fifty day moving average price of $63.58 and a two-hundred day moving average price of $62.33. The stock has a market capitalization of $89.90 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 0.63 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors 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 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Freeport-McMoRan News Summary

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

Wall Street Analyst Weigh In

FCX has been the subject of a number of analyst reports. BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. Morgan Stanley lifted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. HSBC increased their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Finally, Stifel Nicolaus raised their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.18.

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.