Altshuler Shaham Ltd decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 92.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,991 shares of the natural resource company's stock after selling 1,448,522 shares during the period. Altshuler Shaham Ltd's holdings in Freeport-McMoRan were worth $6,936,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the business. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the first quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan during the fourth quarter worth about $25,000. Kemnay Advisory Services Inc. acquired a new position in Freeport-McMoRan during the fourth quarter worth about $29,000. Finally, Financial Life Planners purchased a new position in Freeport-McMoRan in the first quarter valued at about $34,000. 80.77% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
FCX has been the subject of a number of research reports. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. BMO Capital Markets restated an "outperform" rating and issued a $78.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Stifel Nicolaus raised their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Wells Fargo & Company lifted their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Jefferies Financial Group boosted their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.27.
Read Our Latest Report on FCX
Freeport-McMoRan Stock Down 1.8%
Shares of NYSE FCX opened at $61.58 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The company has a market capitalization of $88.53 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm's 50-day moving average is $63.68 and its two-hundred day moving average is $62.47.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same period last year, the company posted $0.54 EPS. The company's revenue was down 7.3% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.74 EPS for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.
About Freeport-McMoRan
(
Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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 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 Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
