Freeport-McMoRan Inc. $FCX Stake Lowered by MassMutual Private Wealth & Trust FSB

MassMutual Private Wealth & Trust FSB cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,382 shares of the natural resource company’s stock after selling 786 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Freeport-McMoRan were worth $190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. City Holding Co. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $35,000. Dagco Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $37,000. CKW Financial Group bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $42,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.3%

NYSE FCX opened at $44.95 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $64.54 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The firm’s fifty day simple moving average is $43.60 and its 200-day simple moving average is $40.35.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the prior year, the business posted $0.46 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent analyst reports. Citigroup increased their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Stifel Canada upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Finally, UBS Group downgraded Freeport-McMoRan from a “buy” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $50.00 in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $51.33.

Freeport-McMoRan Profile

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.