Douglas Lane & Associates LLC Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Douglas Lane & Associates LLC sold 60,380 shares of Freeport-McMoRan Inc., reducing its stake by 3.8% to a total of 1,538,013 shares valued at approximately $66.67 million.
• Freeport-McMoRan reported a Q2 2023 EPS of $0.54, exceeding analyst expectations of $0.45, with revenues reaching $7.58 billion, up 14.5% from the same quarter last year.
• The firm has declared a quarterly dividend of $0.15, representing an annualized yield of 1.3% and a dividend payout ratio of 22.73%.

Douglas Lane & Associates LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,538,013 shares of the natural resource company's stock after selling 60,380 shares during the quarter. Douglas Lane & Associates LLC owned about 0.11% of Freeport-McMoRan worth $66,673,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FCX. Nuveen LLC bought a new stake in Freeport-McMoRan in the first quarter worth $366,959,000. Amundi increased its stake in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Crake Asset Management LLP increased its stake in Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock worth $224,496,000 after purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 0.7%

Shares of Freeport-McMoRan stock traded down $0.33 during trading on Tuesday, hitting $45.31. 10,042,929 shares of the stock traded hands, compared to its average volume of 10,954,908. The firm has a market cap of $65.05 billion, a P/E ratio of 34.33, a price-to-earnings-growth ratio of 0.85 and a beta of 1.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The stock's fifty day simple moving average is $43.65 and its 200 day simple moving average is $40.25.

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

Freeport-McMoRan Announces Dividend

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

Analysts Set New Price Targets

FCX has been the topic of a number of recent analyst reports. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Bank of America reiterated a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Scotiabank increased their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Royal Bank Of Canada increased their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $51.00.

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.