Freeport-McMoRan Inc. (NYSE:FCX) Stake Lowered by Clearbridge Investments LLC

Clearbridge Investments LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,835,397 shares of the natural resource company's stock after selling 33,180 shares during the quarter. Clearbridge Investments LLC owned approximately 1.03% of Freeport-McMoRan worth $553,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP grew its stake in shares of Freeport-McMoRan by 52.6% during the third quarter. Dark Forest Capital Management LP now owns 33,340 shares of the natural resource company's stock valued at $1,243,000 after purchasing an additional 11,489 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in Freeport-McMoRan by 1,589.2% in the third quarter. V Square Quantitative Management LLC now owns 5,321 shares of the natural resource company's stock valued at $198,000 after buying an additional 5,006 shares during the period. Rathbones Group PLC lifted its holdings in Freeport-McMoRan by 77.1% in the third quarter. Rathbones Group PLC now owns 1,008,649 shares of the natural resource company's stock valued at $37,613,000 after buying an additional 438,993 shares during the period. Princeton Capital Management LLC lifted its holdings in Freeport-McMoRan by 2.6% in the third quarter. Princeton Capital Management LLC now owns 20,259 shares of the natural resource company's stock valued at $755,000 after buying an additional 520 shares during the period. Finally, Glenview Trust co lifted its holdings in Freeport-McMoRan by 38.8% in the third quarter. Glenview Trust co now owns 10,068 shares of the natural resource company's stock valued at $375,000 after buying an additional 2,814 shares during the period. 77.96% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX[3] traded down $0.66 during midday trading on Tuesday, reaching $38.17. The stock had a trading volume of 3,207,689 shares, compared to its average volume of 12,384,841. The firm has a 50 day simple moving average of $40.21 and a 200-day simple moving average of $38.44. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $44.70. The firm has a market cap of $54.74 billion, a PE ratio of 30.20 and a beta of 2.06. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX[4] - Get Free Report[5]) last announced its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The company's quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.46 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Friday, January 12th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Thursday, January 11th. Freeport-McMoRan's dividend payout ratio is presently 23.62%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FCX shares. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $41.00 to $40.00 and set an "equal weight" rating on the stock in a report on Thursday, December 7th. Raymond James increased their target price on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Thursday, January 4th. Royal Bank of Canada reissued a "sector perform" rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, StockNews.com[6] downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $44.95.

Get Our Latest Research Report on FCX[7]

Freeport-McMoRan Company Profile

(Free Report[8])

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Freeport-McMoRan, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks[9] that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Freeport-McMoRan wasn't on the list.

While Freeport-McMoRan currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here [10]

The 10 Best AI Stocks to Own in 2024 Cover

Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.

Get This Free Report[11]

References

  1. ^ NYSE:FCX (www.marketbeat.com)
  2. ^ Free Report (www.marketbeat.com)
  3. ^ FCX (www.marketbeat.com)
  4. ^ NYSE:FCX (www.marketbeat.com)
  5. ^ Get Free Report (www.marketbeat.com)
  6. ^ StockNews.com (report.stocknews.com)
  7. ^ Get Our Latest Research Report on FCX (www.marketbeat.com)
  8. ^ Free Report (www.marketbeat.com)
  9. ^ five stocks (www.marketbeat.com)
  10. ^ View The Five Stocks Here (www.marketbeat.com)
  11. ^ Get This Free Report (marketbeat.com)

Tags: