Freeport-McMoRan Inc. $FCX Shares Acquired by Ausbil Investment Management Ltd

Ausbil Investment Management Ltd lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,000 shares of the natural resource company’s stock after acquiring an additional 2,700 shares during the quarter. Ausbil Investment Management Ltd’s holdings in Freeport-McMoRan were worth $867,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC lifted its position in shares of Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after acquiring an additional 275 shares in the last quarter. Princeton Capital Management LLC lifted its position in shares of Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after acquiring an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC lifted its position in shares of Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after acquiring an additional 278 shares in the last quarter. Capital Analysts LLC lifted its position in shares of Freeport-McMoRan by 12.5% in the 1st quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company’s stock valued at $96,000 after acquiring an additional 284 shares in the last quarter. Finally, Sargent Investment Group LLC lifted its position in shares of Freeport-McMoRan by 2.8% in the 1st quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company’s stock valued at $395,000 after acquiring an additional 285 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Citigroup upped their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Clarkson Capital reiterated a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday. Morgan Stanley downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Finally, Scotiabank reiterated a “sector perform” rating and issued a $45.00 target price (down previously from $55.00) on shares of Freeport-McMoRan in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $35.76 on Friday. The company’s fifty day moving average is $43.10 and its 200-day moving average is $40.55. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.06. The firm has a market cap of $51.34 billion, a price-to-earnings ratio of 27.09, a price-to-earnings-growth ratio of 0.68 and a beta of 1.59. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

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

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.7%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

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.