Erste Asset Management GmbH Has $2.55 Million Holdings in Freeport-McMoRan Inc. $FCX

Erste Asset Management GmbH lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 19.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,600 shares of the natural resource company’s stock after selling 11,818 shares during the period. Erste Asset Management GmbH’s holdings in Freeport-McMoRan were worth $2,550,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp lifted its holdings in shares of Freeport-McMoRan by 1.1% during the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after purchasing an additional 690,736 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 31,669,550 shares of the natural resource company’s stock worth $1,601,087,000 after purchasing an additional 238,997 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.5%

NYSE:FCX opened at $64.22 on Wednesday. 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 firm has a 50-day moving average of $63.79 and a 200-day moving average of $58.64. The company has a market cap of $92.32 billion, a PE ratio of 34.16, a PEG ratio of 0.77 and a beta of 1.35. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.09.

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

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. Morgan Stanley reiterated an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Raymond James Financial dropped their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Finally, Sanford C. Bernstein dropped their target price on shares of Freeport-McMoRan from $54.00 to $53.50 and set a “market perform” rating on the stock in a report on Friday, April 24th. Two research 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. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $66.50.

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.