Freeport-McMoRan Inc. $FCX Shares Sold by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 28.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 690,145 shares of the natural resource company’s stock after selling 280,699 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in Freeport-McMoRan were worth $40,567,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth about $29,000. Financial Life Planners bought a new stake in Freeport-McMoRan in the first quarter valued at about $34,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $30,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $60.55 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market cap of $87.04 billion, a price-to-earnings ratio of 32.21, a price-to-earnings-growth ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm has a fifty day moving average of $64.14 and a 200-day moving average of $61.15.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the previous year, the business posted $0.24 EPS. Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be 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 is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research analyst reports. Jefferies Financial Group increased their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. JPMorgan Chase & Co. lowered their target price 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. Sanford C. Bernstein increased their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. CICC Research reduced their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, The Goldman Sachs Group lifted their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two equities 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.36.

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.