Diamond Hill Capital Management Inc. Sells 298,041 Shares of Freeport-McMoRan Inc. $FCX

Diamond Hill Capital Management Inc. decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 746,364 shares of the natural resource company’s stock after selling 298,041 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Freeport-McMoRan were worth $37,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Freeport-McMoRan by 1.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,825 shares of the natural resource company’s stock valued at $651,000 after purchasing an additional 222 shares in the last quarter. Plan A Wealth LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $227,000. BOK Financial Private Wealth Inc. bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $88,000. Global Retirement Partners LLC boosted its position in shares of Freeport-McMoRan by 14.3% during the 4th quarter. Global Retirement Partners LLC now owns 45,047 shares of the natural resource company’s stock valued at $2,288,000 after purchasing an additional 5,637 shares in the last quarter. Finally, Fi3 FINANCIAL ADVISORS LLC boosted its position in shares of Freeport-McMoRan by 27.7% during the 4th quarter. Fi3 FINANCIAL ADVISORS LLC now owns 8,177 shares of the natural resource company’s stock valued at $415,000 after purchasing an additional 1,773 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FCX shares. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. BNP Paribas Exane cut their price target on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. The Goldman Sachs Group cut their price target on Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.72.

Freeport-McMoRan Stock Up 2.4%

Shares of NYSE:FCX opened at $62.32 on Friday. The business’s 50 day simple moving average is $61.41 and its two-hundred day simple moving average is $56.31. The firm has a market cap of $89.59 billion, a P/E ratio of 33.15, a PEG ratio of 0.73 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

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.