Federated Hermes Inc. Cuts Position in Freeport-McMoRan Inc. (NYSE:FCX)

Federated Hermes Inc. decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,190,212 shares of the natural resource company’s stock after selling 24,586 shares during the period. Federated Hermes Inc.’s holdings in Freeport-McMoRan were worth $93,237,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. CM Management LLC lifted its stake in Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock valued at $1,342,000 after purchasing an additional 16,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after acquiring an additional 102,466 shares in the last quarter. Cadinha & Co. LLC lifted its position in shares of Freeport-McMoRan by 59.0% during the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after acquiring an additional 240,340 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its position in shares of Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC lifted its position in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $50.16 on Friday. The company has a 50-day simple moving average of $43.32 and a two-hundred day simple moving average of $39.82. The company has a quick ratio of 1.38, a current ratio of 2.42 and a debt-to-equity ratio of 0.32. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.42. The firm has a market cap of $71.95 billion, a price-to-earnings ratio of 39.50, a PEG ratio of 2.25 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.6 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

Analyst Ratings Changes

Several equities research analysts have issued reports on FCX shares. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Raymond James increased their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank upped their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan 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.