CCM Investment Advisers LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 7.4% during the 1st quarter, HoldingsChannel reports. The firm owned 278,384 shares of the natural resource company’s stock after selling 22,208 shares during the period. Freeport-McMoRan accounts for 1.6% of CCM Investment Advisers LLC’s portfolio, making the stock its 26th biggest position. CCM Investment Advisers LLC’s holdings in Freeport-McMoRan were worth $16,363,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of FCX. Brighton Jones LLC increased its stake in shares of Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC lifted its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at approximately $560,000. Brown Advisory Inc. boosted its holdings in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after purchasing an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC increased its position in Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Trading Up 5.7%
Shares of Freeport-McMoRan stock opened at $63.43 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The firm has a market cap of $91.18 billion, a PE ratio of 31.24, a P/E/G ratio of 0.60 and a beta of 1.37. The business’s fifty day moving average is $63.68 and its two-hundred day moving average is $62.56. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.
Freeport-McMoRan Announces Dividend
The firm 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 $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 14.78%.
Analyst Ratings Changes
FCX has been the subject of several research analyst reports. Jefferies Financial Group increased their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. BMO Capital Markets restated an “outperform” rating and set a $78.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. Sanford C. Bernstein boosted their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. Raymond James Financial lowered their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. One investment 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.27.
Get Our Latest Analysis 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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