Hodges Capital Management Inc. Trims Stock Holdings in Freeport-McMoRan Inc. $FCX

Hodges Capital Management Inc. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 467,599 shares of the natural resource company’s stock after selling 22,283 shares during the quarter. Freeport-McMoRan makes up 2.3% of Hodges Capital Management Inc.’s holdings, making the stock its 7th biggest holding. Hodges Capital Management Inc.’s holdings in Freeport-McMoRan were worth $27,485,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Steph & Co. boosted its holdings 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 worth $29,000 after purchasing an additional 150 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan in the fourth quarter worth $25,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan in the fourth quarter worth $29,000. Financial Life Planners purchased a new position in Freeport-McMoRan during the first quarter worth $34,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $30,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $60.88 on Monday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve 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 fifty day simple moving average of $63.81 and a two-hundred day simple moving average of $61.34. The stock has a market capitalization of $87.52 billion, a price-to-earnings ratio of 32.38, a P/E/G ratio of 0.74 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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 business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FCX shares. BNP Paribas Exane increased their price target on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. The Goldman Sachs Group raised their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Scotiabank lifted their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $68.36.

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.