Chevy Chase Trust Holdings LLC Acquires 4,917 Shares of Freeport-McMoRan Inc. $FCX

Chevy Chase Trust Holdings LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 758,967 shares of the natural resource company’s stock after purchasing an additional 4,917 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Freeport-McMoRan were worth $32,901,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC raised its stake in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after acquiring an additional 261 shares during the last quarter. Cypress Wealth Services LLC raised its stake in shares of Freeport-McMoRan by 4.6% during the second quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after acquiring an additional 273 shares during the last quarter. Kestra Private Wealth Services LLC raised its stake in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after acquiring an additional 275 shares during the last quarter. Princeton Capital Management LLC raised its stake in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after acquiring an additional 275 shares during the last quarter. Finally, Capital Investment Advisory Services LLC raised its stake in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after acquiring an additional 278 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on FCX. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective for the company in a research note on Thursday, September 25th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. BNP Paribas Exane lowered their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $45.00 price objective (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.90.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.18 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company’s 50-day moving average is $42.64 and its 200 day moving average is $40.65. The stock has a market capitalization of $59.12 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.95 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 22.73%.

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.