Gamco Investors INC. ET AL Decreases Holdings in Freeport-McMoRan Inc. $FCX

Gamco Investors INC. ET AL lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 20.0% during the first quarter, HoldingsChannel.com reports. The fund owned 757,947 shares of the natural resource company’s stock after selling 189,813 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Freeport-McMoRan were worth $44,552,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio grew its holdings in Freeport-McMoRan by 4.0% in the first quarter. Public Employees Retirement System of Ohio now owns 602,375 shares of the natural resource company’s stock valued at $35,408,000 after purchasing an additional 23,437 shares during the last quarter. Modern Wealth Management LLC raised its stake in shares of Freeport-McMoRan by 15.7% during the 1st quarter. Modern Wealth Management LLC now owns 6,341 shares of the natural resource company’s stock worth $388,000 after buying an additional 861 shares during the last quarter. Inceptionr LLC acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $442,000. Gibbs Wealth Management boosted its position in shares of Freeport-McMoRan by 49.2% in the 1st quarter. Gibbs Wealth Management now owns 31,872 shares of the natural resource company’s stock worth $1,873,000 after buying an additional 10,509 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of Freeport-McMoRan by 3.6% in the 1st quarter. Sei Investments Co. now owns 1,098,433 shares of the natural resource company’s stock worth $64,566,000 after buying an additional 38,233 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on FCX shares. BNP Paribas Exane raised their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. 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 report on Tuesday, April 28th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.18.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $62.54 on Friday. The company has a market cap of $89.90 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13. The company has a 50-day simple moving average of $63.58 and a 200-day simple moving average of $62.33.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.

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.