Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,333,400 shares of the natural resource company’s stock after selling 9,500 shares during the quarter. Primecap Management Co. CA owned approximately 0.23% of Freeport-McMoRan worth $162,003,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Capital Research Global Investors boosted its stake in Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the last quarter. Capital International Investors purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth about $417,752,000. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $197,966,000. Finally, Swedbank AB acquired a new position in Freeport-McMoRan during the first quarter worth approximately $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.5 %

NYSE:FCX opened at $42.89 on Tuesday. 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 company has a market capitalization of $61.61 billion, a price-to-earnings ratio of 37.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The stock has a 50-day simple moving average of $44.12 and a 200 day simple moving average of $47.05.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. Sell-side 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 paid a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.40%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, September 10th. Raymond James reduced their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Scotiabank reduced their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Finally, UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Company 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.