Geode Capital Management LLC Sells 659,520 Shares of Freeport-McMoRan Inc. $FCX

Geode Capital Management LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.1% during the second quarter, HoldingsChannel.com reports. The firm owned 31,184,816 shares of the natural resource company’s stock after selling 659,520 shares during the period. Geode Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,345,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Nuveen LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $366,959,000. Amundi raised its position in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP lifted its stake in Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Finally, Mizuho Markets Cayman LP acquired a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $159,147,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $41.74 on Thursday. The company has a market cap of $59.92 billion, a PE ratio of 29.39, a PEG ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The company’s 50-day moving average is $41.85 and its two-hundred day moving average is $41.72.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is 21.13%.

Freeport-McMoRan Company Profile

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.