Adams Diversified Equity Fund Inc. Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Adams Diversified Equity Fund Inc. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 275,500 shares of the natural resource company’s stock after selling 26,200 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Freeport-McMoRan were worth $16,194,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth $25,000. Steph & Co. lifted its holdings in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter worth about $29,000. SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter worth about $30,000. Finally, JPL Wealth Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $33,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. BMO Capital Markets upped their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. CICC Research cut 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 report on Tuesday, April 28th. 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. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Finally, Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Two 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $68.27.

Freeport-McMoRan Price Performance

FCX opened at $62.31 on Friday. The stock has a 50-day moving average price of $64.61 and a 200-day moving average price of $60.71. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. 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 stock has a market capitalization of $89.57 billion, a P/E ratio of 33.14, a PEG ratio of 0.75 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS 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 analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 EPS. Equities analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

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.