Evelyn Partners Investment Management LLP Has $14.49 Million Stake in Freeport-McMoRan Inc. $FCX

Evelyn Partners Investment Management LLP lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 322,720 shares of the natural resource company’s stock after acquiring an additional 5,047 shares during the period. Evelyn Partners Investment Management LLP’s holdings in Freeport-McMoRan were worth $14,487,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Callan Family Office LLC raised its stake in Freeport-McMoRan by 229.9% during the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after acquiring an additional 18,803 shares in the last quarter. New York Life Investment Management LLC grew its holdings in shares of Freeport-McMoRan by 11.8% in the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after purchasing an additional 22,766 shares during the last quarter. Bourgeon Capital Management LLC lifted its holdings in Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Mercuria Capital Strategies LLC acquired a new position in Freeport-McMoRan in the second quarter valued at about $9,970,000. Finally, LGT Fund Management Co Ltd. grew its stake in Freeport-McMoRan by 1,028.6% during the second quarter. LGT Fund Management Co Ltd. now owns 89,862 shares of the natural resource company’s stock worth $3,896,000 after buying an additional 81,900 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FCX. Royal Bank Of Canada cut their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. BNP Paribas Exane decreased their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Johnson Rice decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Finally, Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $46.73.

Freeport-McMoRan Stock Performance

FCX stock opened at $39.81 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12. The business’s fifty day moving average is $41.09 and its 200-day moving average is $41.84. The company has a market cap of $57.16 billion, a P/E ratio of 28.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s payout ratio is currently 21.13%.

About Freeport-McMoRan

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.