Rathbones Group PLC Grows Stock Holdings in Freeport-McMoRan Inc. $FCX

Rathbones Group PLC grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,405,410 shares of the natural resource company’s stock after buying an additional 109,846 shares during the quarter. Rathbones Group PLC owned 0.10% of Freeport-McMoRan worth $60,925,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FCX. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Amundi boosted its stake in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after purchasing an additional 1,815,285 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Freeport-McMoRan by 21.7% in the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock valued at $453,138,000 after purchasing an additional 2,133,846 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. CICC Research reduced their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Finally, HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the company from $43.00 to $50.00 in a research report on Friday, October 17th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $39.78 on Friday. The stock’s 50-day simple moving average is $42.09 and its 200-day simple moving average is $41.63. The firm has a market capitalization of $57.12 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. The firm’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 earnings per share. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

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.