Groupama Asset Managment Sells 11,514 Shares of Freeport-McMoRan Inc. $FCX

Groupama Asset Managment lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 29.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,848 shares of the natural resource company’s stock after selling 11,514 shares during the quarter. Groupama Asset Managment’s holdings in Freeport-McMoRan were worth $1,637,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FCX. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the first quarter worth $29,000. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the fourth quarter worth $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan during the 4th quarter valued at $29,000. Finally, Financial Life Planners acquired a new position in Freeport-McMoRan during the 1st quarter valued at $34,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on FCX. Sanford C. Bernstein raised their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. BNP Paribas Exane lifted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Barclays boosted their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Jefferies Financial Group upped their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Raymond James Financial reduced their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Stock Down 1.4%

Shares of NYSE FCX opened at $62.53 on Friday. The stock has a market cap of $89.89 billion, a PE ratio of 30.80, a PEG ratio of 0.63 and a beta of 1.37. The business has a fifty day moving average of $63.69 and a two-hundred day moving average of $62.56. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 EPS. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.