Brown Advisory Inc. trimmed its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 57.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,501 shares of the natural resource company’s stock after selling 16,685 shares during the quarter. Brown Advisory Inc.’s holdings in Freeport-McMoRan were worth $216,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Janus Henderson Group PLC increased its stake in shares of Freeport-McMoRan by 199.8% during the second quarter. Janus Henderson Group PLC now owns 3,392,200 shares of the natural resource company’s stock valued at $58,557,000 after buying an additional 2,260,711 shares during the period. Integrated Investment Consultants LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at $319,000. Parkside Investments LLC increased its stake in shares of Freeport-McMoRan by 249.3% during the second quarter. Parkside Investments LLC now owns 105,575 shares of the natural resource company’s stock valued at $1,688,000 after buying an additional 75,350 shares during the period. CIBC Asset Management Inc increased its stake in shares of Freeport-McMoRan by 5.4% during the second quarter. CIBC Asset Management Inc now owns 132,678 shares of the natural resource company’s stock valued at $2,290,000 after buying an additional 6,806 shares during the period. Finally, Standard Life Aberdeen plc increased its stake in shares of Freeport-McMoRan by 20.0% during the second quarter. Standard Life Aberdeen plc now owns 811,881 shares of the natural resource company’s stock valued at $14,026,000 after buying an additional 135,393 shares during the period. Institutional investors and hedge funds own 71.74% of the company’s stock.
Shares of Freeport-McMoRan stock traded up $0.02 on Monday, reaching $13.29. 16,162,100 shares of the stock were exchanged, compared to its average volume of 18,206,822. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.87. Freeport-McMoRan Inc has a twelve month low of $12.18 and a twelve month high of $20.25. The company has a market capitalization of $20.17 billion, a price-to-earnings ratio of 11.40 and a beta of 2.48.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $4.97 billion. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. Freeport-McMoRan’s quarterly revenue was up 39.3% on a year-over-year basis. During the same period last year, the business earned $0.17 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc will post 1.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.50%. The ex-dividend date is Friday, October 12th. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.
Several equities analysts have recently commented on the company. Deutsche Bank set a $15.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, October 2nd. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. B. Riley lowered their price target on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 19th. Clarkson Capital downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price target for the company. in a report on Tuesday, September 11th. Finally, Bank of America raised Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price target for the company in a report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $17.81.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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