Matrix Trust Co Buys 401 Shares of Freeport-McMoRan Inc. $FCX

Matrix Trust Co grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,877 shares of the natural resource company’s stock after acquiring an additional 401 shares during the period. Matrix Trust Co’s holdings in Freeport-McMoRan were worth $298,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.5% during the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Freeport-McMoRan by 17.8% during 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 buying an additional 5,661,958 shares during the last quarter. Amundi grew its stake in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after buying an additional 2,642,810 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Freeport-McMoRan by 16.0% during the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.1%

FCX opened at $44.96 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $64.55 billion, a P/E ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a fifty day moving average price of $43.57 and a two-hundred day moving average price of $40.43.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan’s payout ratio is presently 22.73%.

Analyst Ratings Changes

A number of equities analysts have recently commented on FCX shares. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. BNP Paribas Exane lifted their price target on shares of Freeport-McMoRan from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Scotiabank lifted their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.33.

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.