Strs Ohio Decreases Stock Position in Freeport-McMoRan Inc. $FCX

Strs Ohio lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 389,224 shares of the natural resource company’s stock after selling 18,892 shares during the quarter. Strs Ohio’s holdings in Freeport-McMoRan were worth $22,879,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. increased its stake in Freeport-McMoRan by 43.7% during 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. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth $29,000. SHP Wealth Management purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth $30,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth $33,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $60.88 on Friday. The stock has a market cap of $87.52 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The business has a 50-day simple moving average of $63.81 and a 200-day simple moving average of $61.24. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping 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%.Freeport-McMoRan’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid 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 dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research analyst reports. 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 report on Monday, June 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Barclays started coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target on the stock. Finally, Citigroup cut their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.