PNC Financial Services Group Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 298,083 shares of the natural resource company’s stock after buying an additional 19,645 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $17,521,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. KBC Group NV boosted its position in Freeport-McMoRan by 49.0% during the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after buying an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter valued at about $8,857,000. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Freeport-McMoRan by 205.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock worth $16,122,000 after buying an additional 213,477 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Trading Down 1.5%
Shares of Freeport-McMoRan stock opened at $62.54 on Friday. The firm has a fifty day moving average price of $63.58 and a 200 day moving average price of $62.33. The stock has a market cap of $89.90 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13.
Freeport-McMoRan Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.
Freeport-McMoRan News Roundup
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
- Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
- Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
- Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title
Analyst Upgrades and Downgrades
FCX has been the subject of a number of analyst reports. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Royal Bank Of Canada upped their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Friday. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Finally, Morgan Stanley upped their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $70.18.
Get Our Latest Stock Report on FCX
About Freeport-McMoRan
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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