Managed Asset Portfolios LLC Purchases 3,545 Shares of Freeport-McMoRan Inc. $FCX

Managed Asset Portfolios LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% in the second quarter, Holdings Channel reports. The fund owned 331,658 shares of the natural resource company’s stock after acquiring an additional 3,545 shares during the period. Freeport-McMoRan accounts for 1.9% of Managed Asset Portfolios LLC’s investment portfolio, making the stock its 28th biggest holding. Managed Asset Portfolios LLC’s holdings in Freeport-McMoRan were worth $14,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of FCX. Vanguard Group Inc. increased its stake in shares of Freeport-McMoRan by 1.6% in the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock worth $5,504,754,000 after purchasing an additional 1,941,662 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Amundi grew its holdings in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after buying an additional 1,815,285 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Freeport-McMoRan by 21.7% during the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after buying an additional 2,133,846 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 2.5%

FCX opened at $39.97 on Wednesday. The company has a market capitalization of $57.39 billion, a P/E ratio of 28.15, a P/E/G ratio of 0.94 and a beta of 1.64. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The firm’s fifty day moving average price is $41.39 and its two-hundred day moving average price is $41.84. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FCX shares. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Friday, October 3rd. BMO Capital Markets restated an “outperform” rating and set a $47.00 price objective on shares of Freeport-McMoRan in a report on Wednesday. Finally, BNP Paribas Exane reduced their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $46.78.

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.