Lansdowne Partners UK LLP Sells 543,244 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan logo Lansdowne Partners UK LLP reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX [1] – Free Report [2]) by 28.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,335,510 shares of the natural resource company’s stock after selling 543,244 shares during the quarter. Freeport-McMoRan accounts for 4.6% of Lansdowne Partners UK LLP’s holdings, making the stock its 6th biggest holding.

Lansdowne Partners UK LLP owned approximately 0.09% of Freeport-McMoRan worth £49,803,000 as of its most recent filing with the SEC. Several other large investors also recently modified their holdings of FCX. Fairfield Bush & CO. bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth £26,000.

Synovus Financial Corp lifted its position in shares of Freeport-McMoRan by 15.2% during the 1st quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock worth £553,000 after buying an additional 1,468 shares during the last quarter. Blair William & Co.

IL lifted its position in shares of Freeport-McMoRan by 40.8% during the 1st quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock worth £5,574,000 after buying an additional 32,474 shares during the last quarter.

Sei Investments Co. lifted its position in shares of Freeport-McMoRan by 73.6% during the 1st quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock worth £6,624,000 after buying an additional 55,987 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its position in shares of Freeport-McMoRan by 22.0% during the 1st quarter.

Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock worth £3,964,000 after buying an additional 14,388 shares during the last quarter.

77.96% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock [3] traded up £0.39 during midday trading on Monday, hitting £38.32.

5,143,261 shares of the company’s stock were exchanged, compared to its average volume of 12,062,784. Freeport-McMoRan Inc. has a 52-week low of £32.83 and a 52-week high of £44.70. The stock has a 50-day moving average price of £39.70 and a two-hundred day moving average price of £38.23.

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The company has a market cap of £54.97 billion, a P/E ratio of 30.02 and a beta of 2.02. Freeport-McMoRan (NYSE:FCX [4] – Get Free Report [5]) last posted its quarterly earnings data on Wednesday, January 24th.

The natural resource company reported £0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of £0.23 by £0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The firm had revenue of £5.91 billion during the quarter, compared to analysts’ expectations of £5.85 billion.

During the same period in the prior year, the business earned £0.52 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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 £0.15 dividend. This represents a £0.60 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Thursday, January 11th.

Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Analyst Ratings Changes

Several research firms have commented on FCX. Raymond James increased their target price on Freeport-McMoRan from £42.00 to £43.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Sanford C.

Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from £41.00 to £48.50 in a research report on Monday, January 8th. UBS Group cut their target price on Freeport-McMoRan from £42.00 to £41.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 13th. Royal Bank of Canada restated a “sector perform” rating and issued a £55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th.

Finally, Morgan Stanley reduced their price target on Freeport-McMoRan from £41.00 to £40.00 and set an “equal weight” rating for the company in a research report on Thursday, December 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of £44.95.

Check Out Our Latest Research Report on Freeport-McMoRan [6]

Freeport-McMoRan Profile

(Free Report [7])

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; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Lansdowne Partners UK LLP Sells 543,244 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan Price Performance

Freeport-McMoRan Announces Dividend

Analyst Ratings Changes

Freeport-McMoRan Profile

Further Reading

References