Recurrent Investment Advisors LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 40.1% during the 1st quarter, Holdings Channel reports. The firm owned 52,517 shares of the natural resource company’s stock after selling 35,203 shares during the quarter. Recurrent Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $3,087,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Evelyn Partners Investment Management Europe Ltd purchased a new position in shares of Freeport-McMoRan in the first quarter worth about $79,000. Evelyn Partners Investment Management LLP boosted its position in Freeport-McMoRan by 13.1% in the first quarter. Evelyn Partners Investment Management LLP now owns 395,226 shares of the natural resource company’s stock valued at $23,231,000 after buying an additional 45,683 shares during the last quarter. Evercore Wealth Management LLC acquired a new position in Freeport-McMoRan in the 1st quarter worth approximately $267,000. KCM Investment Advisors LLC increased its holdings in Freeport-McMoRan by 14.3% in the 1st quarter. KCM Investment Advisors LLC now owns 60,569 shares of the natural resource company’s stock worth $3,560,000 after buying an additional 7,569 shares during the period. Finally, Glen Eagle Advisors LLC raised its position in Freeport-McMoRan by 50.1% during the 1st quarter. Glen Eagle Advisors LLC now owns 3,637 shares of the natural resource company’s stock worth $214,000 after buying an additional 1,214 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have commented on FCX shares. BMO Capital Markets restated an “outperform” rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. UBS Group increased their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Stifel Nicolaus raised their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings lowered shares of Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.
Freeport-McMoRan Price Performance
Shares of NYSE FCX opened at $61.58 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock has a market capitalization of $88.53 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 0.64 and a beta of 1.37. The firm’s 50 day simple moving average is $63.68 and its 200-day simple moving average is $62.47. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the previous year, the business posted $0.54 EPS. The business’s revenue was down 7.3% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 2.74 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. 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 payout ratio is presently 14.78%.
Freeport-McMoRan Company 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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