BI Asset Management Fondsmaeglerselskab A S Sells 20,281 Shares of Freeport-McMoRan Inc. $FCX

BI Asset Management Fondsmaeglerselskab A S cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,219 shares of the natural resource company’s stock after selling 20,281 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Freeport-McMoRan were worth $4,539,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

FCX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. UBS Group increased their price target on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Citigroup cut 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 report on Friday, May 1st. 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. Finally, Jefferies Financial Group boosted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.81.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $69.20 on Tuesday. The stock has a market cap of $99.48 billion, a price-to-earnings ratio of 36.81, a PEG ratio of 0.83 and a beta of 1.35. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $65.04 and a 200 day simple moving average of $60.32. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28.

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, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. On average, research analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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 $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. 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.