Oppenheimer Asset Management Inc. cut its position in Freeport-McMoRan Inc (NYSE:FCX) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 384,113 shares of the natural resource company’s stock after selling 8,035 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Freeport-McMoRan were worth $6,630,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in shares of Freeport-McMoRan by 36.0% in the second quarter. Jennison Associates LLC now owns 1,118,042 shares of the natural resource company’s stock valued at $19,297,000 after buying an additional 296,228 shares in the last quarter. Achmea Investment Management B.V. lifted its holdings in Freeport-McMoRan by 6.2% during the 2nd quarter. Achmea Investment Management B.V. now owns 126,793 shares of the natural resource company’s stock valued at $2,187,000 after purchasing an additional 7,366 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $175,000. North Star Investment Management Corp. acquired a new stake in Freeport-McMoRan during the 2nd quarter valued at $2,556,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Freeport-McMoRan by 3.9% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 1,996,247 shares of the natural resource company’s stock valued at $34,455,000 after purchasing an additional 75,434 shares during the last quarter. 71.79% of the stock is owned by institutional investors and hedge funds.
FCX opened at $14.67 on Thursday. Freeport-McMoRan Inc has a fifty-two week low of $13.22 and a fifty-two week high of $20.25. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.72 and a quick ratio of 1.62. The firm has a market cap of $21.34 billion, a PE ratio of 12.54 and a beta of 2.46.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $4.97 billion. During the same quarter last year, the firm earned $0.17 earnings per share. The company’s revenue was up 39.3% on a year-over-year basis. sell-side analysts predict that Freeport-McMoRan Inc will post 1.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Friday, July 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Thursday, July 12th. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.
Several equities research analysts have issued reports on the company. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 15th. Zacks Investment Research raised Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 26th. Morgan Stanley raised their price target on Freeport-McMoRan from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, June 29th. Alembic Global Advisors raised Freeport-McMoRan from a “neutral” rating to a “buy” rating in a report on Wednesday, May 23rd. Finally, Berenberg Bank reaffirmed a “sell” rating and set a $15.00 price target on shares of Freeport-McMoRan in a report on Monday, July 2nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $17.86.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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