Osborne Partners Capital Management LLC Sells 34,895 Shares of Freeport-McMoRan Inc. $FCX

Osborne Partners Capital Management LLC lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 38.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,435 shares of the natural resource company’s stock after selling 34,895 shares during the quarter. Osborne Partners Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,317,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wellington Management Group LLP lifted its stake in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Amundi raised its holdings in shares of Freeport-McMoRan by 102.5% in the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after acquiring an additional 7,192,955 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $198,523,000. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Morgan Stanley reissued an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Scotiabank raised their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Finally, Barclays began coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Stock Down 0.1%

FCX opened at $60.88 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company’s 50-day moving average is $63.81 and its 200 day moving average is $61.24. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28. The firm has a market capitalization of $87.52 billion, a P/E ratio of 32.38, a PEG ratio of 0.74 and a beta of 1.37.

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

Freeport-McMoRan Announces Dividend

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