Sei Investments Co. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 3.6% during the first quarter, Holdings Channel.com reports. The fund owned 1,098,433 shares of the natural resource company’s stock after buying an additional 38,233 shares during the period. Sei Investments Co.’s holdings in Freeport-McMoRan were worth $64,566,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steph & Co. raised its holdings in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan in the 4th quarter valued at $25,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth $29,000. Finally, Financial Life Planners purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth $34,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. The Goldman Sachs Group reduced their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Wells Fargo & Company boosted their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank Of Canada increased their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, HSBC raised their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $70.18.
Freeport-McMoRan Stock Performance
NYSE:FCX opened at $62.54 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a fifty day simple moving average of $63.58 and a two-hundred day simple moving average of $62.33. The company has a quick ratio of 1.13, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The company has a market cap of $89.90 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.54 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given 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 dividend payout ratio (DPR) is currently 15.96%.
Freeport-McMoRan News Roundup
Here are the key news stories impacting Freeport-McMoRan this week:
- Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
- Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
- Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
- Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title
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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