Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Lessened by Perpetual Ltd

Perpetual Ltd cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,716,707 shares of the natural resource company’s stock after selling 383,754 shares during the period. Perpetual Ltd owned about 0.12% of Freeport-McMoRan worth $65,372,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FCX. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Freeport-McMoRan by 14.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 42,665 shares of the natural resource company’s stock worth $2,074,000 after acquiring an additional 5,316 shares in the last quarter. Bridges Investment Management Inc. acquired a new position in Freeport-McMoRan in the 2nd quarter worth about $292,000. King Luther Capital Management Corp raised its stake in shares of Freeport-McMoRan by 13.0% during the 2nd quarter. King Luther Capital Management Corp now owns 19,980 shares of the natural resource company’s stock worth $971,000 after purchasing an additional 2,300 shares in the last quarter. AE Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 17.9% during the 2nd quarter. AE Wealth Management LLC now owns 22,093 shares of the natural resource company’s stock valued at $1,074,000 after buying an additional 3,353 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its stake in shares of Freeport-McMoRan by 50.5% in the 2nd quarter. Summit Trail Advisors LLC now owns 9,028 shares of the natural resource company’s stock valued at $439,000 after buying an additional 3,030 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $40.27 on Tuesday. The company has a market capitalization of $57.86 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.21 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The stock has a 50 day moving average of $41.15 and a two-hundred day moving average of $44.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.47 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FCX shares. Scotiabank cut their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $52.42.

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.