Pacer Advisors Inc. Has $5.88 Million Stake in Freeport-McMoRan Inc. $FCX

Pacer Advisors Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 21.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,727 shares of the natural resource company’s stock after selling 31,529 shares during the quarter. Pacer Advisors Inc.’s holdings in Freeport-McMoRan were worth $5,878,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FCX. Brighton Jones LLC increased its position in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC lifted its stake in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $560,000. Brown Advisory Inc. boosted its position in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after buying an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its stake in shares of Freeport-McMoRan by 42.7% during the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after buying an additional 14,992 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FCX. UBS Group upped their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. HSBC boosted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Finally, CICC Research dropped their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.81.

Freeport-McMoRan Price Performance

FCX stock opened at $69.20 on Tuesday. The company has a fifty day moving average price of $65.04 and a 200-day moving average price of $60.32. The company has a market capitalization of $99.48 billion, a P/E ratio of 36.81, a PEG ratio of 0.83 and a beta of 1.35. 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 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

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

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 15.96%.

About Freeport-McMoRan

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.