Principal Financial Group Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 4.3% during the first quarter, Holdings Channel reports. The fund owned 2,109,513 shares of the natural resource company’s stock after buying an additional 86,813 shares during the quarter. Principal Financial Group Inc.’s holdings in Freeport-McMoRan were worth $123,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $34,000. Finally, SHP Wealth Management acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance
Freeport-McMoRan stock opened at $61.00 on Thursday. The stock has a market capitalization of $87.69 billion, a P/E ratio of 32.45, a P/E/G ratio of 0.62 and a beta of 1.37. The company’s fifty day moving average price is $63.97 and its 200 day moving average price is $61.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.
Freeport-McMoRan Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors 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 is 15.96%.
Analyst Ratings Changes
Several analysts recently commented on FCX shares. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Wells Fargo & Company decreased their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Bank of America upped their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Morgan Stanley lifted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.77.
View Our Latest Stock Report on Freeport-McMoRan
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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