Raymond James & Associates Cuts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Raymond James & Associates lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,150,625 shares of the natural resource company’s stock after selling 82,081 shares during the period. Raymond James & Associates owned 0.15% of Freeport-McMoRan worth $104,520,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Belpointe Asset Management LLC raised its stake in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares in the last quarter. Oaktree Capital Management LP lifted its holdings in shares of Freeport-McMoRan by 7.8% during the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after purchasing an additional 211,608 shares during the last quarter. Norden Group LLC boosted its position in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FCX shares. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, Argus boosted their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $0.14 during midday trading on Friday, hitting $43.44. 8,973,128 shares of the company were exchanged, compared to its average volume of 13,569,124. The business has a fifty day simple moving average of $46.80 and a two-hundred day simple moving average of $46.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a market capitalization of $62.40 billion, a PE ratio of 38.44, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the company earned $0.35 EPS. The business’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.38%. Freeport-McMoRan’s payout ratio is 26.55%.

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.