Groupama Asset Managment Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Groupama Asset Managment decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.2% during the 2nd quarter, Holdings Channel reports. The fund owned 45,239 shares of the natural resource company’s stock after selling 8,762 shares during the quarter. Groupama Asset Managment’s holdings in Freeport-McMoRan were worth $1,985,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its stake in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth $42,000. Finally, Hilltop National Bank acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $43,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FCX shares. Jefferies Financial Group reissued a “buy” rating and set a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and reduced their price objective for the stock from $51.00 to $47.00 in a research note on Wednesday, November 19th. Morgan Stanley lowered their target price on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, November 19th. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Finally, BNP Paribas Exane decreased their price target on 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 research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Buy” and an average target price of $46.73.

Freeport-McMoRan Price Performance

NYSE FCX opened at $42.91 on Friday. The stock’s 50-day moving average is $40.75 and its two-hundred day moving average is $41.97. 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 current ratio of 2.45 and a quick ratio of 1.19. The firm has a market cap of $61.61 billion, a P/E ratio of 30.21, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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. 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%. Freeport-McMoRan’s revenue was up 2.7% compared to the same quarter last year. During the same period 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 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.