Wellington Shields & Co. LLC Has $1.02 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Wellington Shields & Co. LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,937 shares of the natural resource company’s stock after selling 313 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Freeport-McMoRan were worth $1,018,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 1.0% during the first 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 during the period. Capital Research Global Investors lifted its stake in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock worth $994,808,000 after acquiring an additional 1,551,828 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on FCX. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $40.41 on Wednesday. The firm has a 50 day moving average of $44.83 and a 200-day moving average of $46.93. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $58.05 billion, a PE ratio of 35.76, a PEG ratio of 1.88 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter last year, the business posted $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

About Freeport-McMoRan

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.