AGF Management Ltd. Cuts Stock Holdings in Freeport-McMoRan Inc. $FCX

AGF Management Ltd. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 27.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,121 shares of the natural resource company’s stock after selling 5,456 shares during the period. AGF Management Ltd.’s holdings in Freeport-McMoRan were worth $612,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after purchasing an additional 1,822,987 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after buying an additional 5,661,958 shares during the last quarter. Amundi boosted its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after buying an additional 1,815,285 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Freeport-McMoRan by 21.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company’s stock worth $453,138,000 after buying an additional 2,133,846 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $41.07 on Wednesday. The business has a 50-day simple moving average of $41.94 and a two-hundred day simple moving average of $41.72. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The stock has a market cap of $58.96 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Analysts Set New Price Targets

A number of brokerages have recently commented on FCX. Johnson Rice reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Scotiabank increased their price target on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Finally, Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Company 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.