Alliancebernstein L.P. Has $67.18 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Alliancebernstein L.P. has reduced its stake in Freeport-McMoRan Inc. by 14.1%, now holding approximately 1.77 million shares valued at $67.18 million.
• Freeport-McMoRan reported earnings of $0.54 per share for the last quarter, exceeding estimates by $0.09, with revenues of $7.58 billion, up 14.5% year-over-year.
• The company recently declared a quarterly dividend of $0.15 per share, representing an annualized payout of $0.60 and a yield of 1.3%.

Alliancebernstein L.P. reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,774,386 shares of the natural resource company's stock after selling 290,084 shares during the period. Alliancebernstein L.P. owned about 0.12% of Freeport-McMoRan worth $67,178,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in FCX. City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $33,000. Bernard Wealth Management Corp. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $35,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $37,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan in the first quarter valued at about $42,000. Finally, Wolff Wiese Magana LLC boosted its position in Freeport-McMoRan by 38.2% in the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $46.37 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm has a market cap of $66.58 billion, a P/E ratio of 35.13, a P/E/G ratio of 0.88 and a beta of 1.59. The firm has a 50 day simple moving average of $43.64 and a 200 day simple moving average of $39.87. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 earnings per share. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Bank of America restated a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Scotiabank boosted their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Finally, Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

About Freeport-McMoRan

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.

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