Fideuram Intesa Sanpaolo Private Banking S.P.A. Has $8.31 Million Holdings in Freeport-McMoRan Inc. $FCX

Fideuram Intesa Sanpaolo Private Banking S.P.A. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 18.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,457 shares of the natural resource company’s stock after selling 32,933 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Freeport-McMoRan were worth $8,315,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in 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 valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Freeport-McMoRan by 98.8% in 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 buying an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. lifted its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Amundi grew its holdings in Freeport-McMoRan by 102.5% during the fourth 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 during the period. Finally, PointState Capital LP acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $198,523,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6%

Shares of NYSE FCX opened at $60.88 on Friday. The company’s 50 day moving average price is $64.00 and its 200-day moving average price is $61.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a market capitalization of $87.52 billion, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 0.73 and a beta of 1.37.

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

Freeport-McMoRan Dividend Announcement

The company 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. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FCX shares. Jefferies Financial Group upped their price target 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. Sanford C. Bernstein increased their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. The Goldman Sachs Group lifted their price target on Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. UBS Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, BMO Capital Markets lifted their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Two research 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 has an average rating of “Moderate Buy” and an average target price of $68.36.

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.