Freeport-McMoRan Inc. $FCX Shares Sold by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 690,145 shares of the natural resource company’s stock after selling 280,699 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in Freeport-McMoRan were worth $40,567,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FCX. TKG Advisors LLC bought a new stake in Freeport-McMoRan in the first quarter worth about $2,729,000. Financial Life Planners bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $34,000. IFM Investors Pty Ltd boosted its position in shares of Freeport-McMoRan by 1.6% during the 1st quarter. IFM Investors Pty Ltd now owns 276,536 shares of the natural resource company’s stock valued at $16,255,000 after purchasing an additional 4,266 shares in the last quarter. American Institute for Advanced Investment Management LLP bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $462,000. Finally, Severin Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $486,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $60.55 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The stock’s 50-day moving average is $64.14 and its two-hundred day moving average is $61.15. The firm has a market cap of $87.04 billion, a P/E ratio of 32.21, a PEG ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. Analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCX. CICC Research dropped their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. HSBC raised their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Barclays assumed coverage on Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Finally, Wells Fargo & Company reduced their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $68.36.

Freeport-McMoRan Company 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.