Old West Investment Management LLC Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Old West Investment Management LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 21.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,416 shares of the natural resource company’s stock after selling 14,105 shares during the period. Freeport-McMoRan accounts for approximately 1.1% of Old West Investment Management LLC’s investment portfolio, making the stock its 26th biggest holding. Old West Investment Management LLC’s holdings in Freeport-McMoRan were worth $2,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Belpointe Asset Management LLC increased its stake in Freeport-McMoRan by 38.6% in the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after purchasing an additional 4,703 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares in the last quarter. Oaktree Capital Management LP grew its position in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after buying an additional 211,608 shares during the last quarter. Norden Group LLC raised its stake in Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after acquiring an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Raymond James reduced their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Stock Up 0.5 %

Shares of Freeport-McMoRan stock opened at $42.89 on Tuesday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a market cap of $61.61 billion, a P/E ratio of 37.96, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a fifty day moving average of $44.12 and a two-hundred day moving average of $47.05.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.40%. Freeport-McMoRan’s dividend payout ratio is currently 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.