Freeport-McMoRan Inc. $FCX Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,420 shares of the natural resource company’s stock after selling 1,300 shares during the period. Hennessy Advisors Inc.’s holdings in Freeport-McMoRan were worth $3,616,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $366,959,000. Amundi boosted its stake in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP grew its holdings in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after buying an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Freeport-McMoRan by 17.8% in 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 acquiring an additional 5,661,958 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after acquiring an additional 2,642,810 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective for the company in a research report on Thursday, September 25th. CICC Research cut their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a report on Friday, September 26th. Dbs Bank decreased their price objective on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday. BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Finally, UBS Group set a $48.00 target price on Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $46.74.

Freeport-McMoRan Stock Up 2.0%

Shares of NYSE FCX opened at $39.66 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market cap of $56.94 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 0.72 and a beta of 1.58. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $51.19. The business’s 50 day moving average is $42.47 and its two-hundred day moving average is $40.54.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is 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.