Capital International Investors Trims Stake in Freeport-McMoRan Inc. $FCX

Capital International Investors reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 33.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,652,756 shares of the natural resource company’s stock after selling 3,896,045 shares during the period. Capital International Investors owned about 0.53% of Freeport-McMoRan worth $388,757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $38,000. Modus Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $40,000. Key Financial Inc increased its holdings in Freeport-McMoRan by 32.3% during the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $33,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the subject of a number of research reports. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. CICC Research reduced their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Jefferies Financial Group set a $75.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, April 23rd. Citigroup reduced their price objective on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Stock Performance

FCX opened at $63.37 on Monday. The stock has a market capitalization of $91.10 billion, a price-to-earnings ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. The company has a fifty day moving average of $63.48 and a 200 day moving average of $58.31. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.09. 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 posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company 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.