Pacer Advisors Inc. Has $5.88 Million Stock Position in Freeport-McMoRan Inc. $FCX

Pacer Advisors Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 21.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 115,727 shares of the natural resource company’s stock after selling 31,529 shares during the quarter. Pacer Advisors Inc.’s holdings in Freeport-McMoRan were worth $5,878,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FCX. Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after purchasing an additional 1,572,769 shares during the period. Fisher Asset Management LLC grew its position in shares of Freeport-McMoRan by 1.0% during the 4th 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 in the last quarter. State Street Corp increased its holdings in shares of Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after purchasing an additional 395,226 shares during the period. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Wellington Management Group LLP increased 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. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $69.20 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $99.48 billion, a price-to-earnings ratio of 36.81, a P/E/G ratio of 0.83 and a beta of 1.35. The firm’s 50 day simple moving average is $65.04 and its 200 day simple moving average is $60.32. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend 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%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. Wells Fargo & Company cut their price target on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Raymond James Financial lowered their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. BNP Paribas Exane upped their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Finally, Scotiabank increased their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.81.

About Freeport-McMoRan

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.