Vanguard Group Inc. Has $5.50 Billion Stock Holdings in Freeport-McMoRan Inc. $FCX

Vanguard Group Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 126,983,947 shares of the natural resource company’s stock after buying an additional 1,941,662 shares during the period. Vanguard Group Inc. owned 0.09% of Freeport-McMoRan worth $5,504,754,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Beacon Capital Management LLC lifted its position in Freeport-McMoRan by 59.6% during the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. bought a new position in shares of Freeport-McMoRan during the first quarter worth approximately $37,000. MTM Investment Management LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $43,000. Hilltop National Bank bought a new stake in Freeport-McMoRan in the 2nd quarter valued at $43,000. Finally, NewSquare Capital LLC lifted its holdings in shares of Freeport-McMoRan by 74.9% during the second quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock worth $43,000 after buying an additional 429 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $39.97 on Wednesday. The company’s 50-day moving average price is $41.39 and its two-hundred day moving average price is $41.84. The firm has a market cap 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 quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12.

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

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

FCX has been the topic of several research reports. UBS Group set a $48.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Royal Bank Of Canada decreased their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $43.00 to $50.00 in a research report on Friday, October 17th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $46.68.

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.