Fifth Third Bancorp Has $27.86 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Fifth Third Bancorp lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 642,755 shares of the natural resource company’s stock after selling 58,816 shares during the quarter. Fifth Third Bancorp’s holdings in Freeport-McMoRan were worth $27,863,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Vanguard Group Inc. lifted its position in Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after buying an additional 1,822,987 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of 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 worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Amundi boosted its holdings in shares of 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. Bank of New York Mellon Corp grew its stake in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Freeport-McMoRan by 16.0% during the first 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 last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on FCX. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Citigroup boosted their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Finally, Hsbc Global Res downgraded Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $49.73.

Freeport-McMoRan Stock Down 16.8%

FCX opened at $37.76 on Thursday. The stock has a fifty day moving average of $43.46 and a 200-day moving average of $40.52. The company has a market capitalization of $54.21 billion, a P/E ratio of 28.61, a P/E/G ratio of 0.85 and a beta of 1.59. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the firm earned $0.46 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.