Systematic Financial Management LP cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 50.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 14,135 shares of the natural resource company’s stock after selling 14,515 shares during the period. Systematic Financial Management LP’s holdings in Freeport-McMoRan were worth $831,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan in the 1st quarter valued at about $29,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan in the 4th quarter valued at about $29,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $30,000. 80.77% of the stock is owned by hedge funds and other institutional investors.
Key Headlines Impacting Freeport-McMoRan
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
Freeport-McMoRan Trading Down 1.5%
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 2.72 EPS for the current year.
Freeport-McMoRan Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 15.96%.
Analyst Ratings Changes
FCX has been the subject of several research reports. CICC Research cut their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Weiss Ratings downgraded Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. Stifel Nicolaus lifted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. Finally, Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.18.
Get Our Latest Analysis on Freeport-McMoRan
Freeport-McMoRan Profile
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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