Farmers Trust Co. Makes New $4.07 Million Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Farmers Trust Co. made a new investment of approximately $4.07 million in Freeport-McMoRan, acquiring 93,870 shares of the company during the second quarter.
• Freeport-McMoRan recently reported a quarterly earnings per share (EPS) of $0.54, exceeding analysts' expectations of $0.45, alongside a revenue of $7.58 billion.
• The company announced a quarterly dividend of $0.15 per share, representing a 1.3% yield and a payout ratio of 22.73%.

Farmers Trust Co. acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 93,870 shares of the natural resource company's stock, valued at approximately $4,069,000.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position 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 acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% during the 1st 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 buying an additional 5,661,958 shares during the period. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Freeport-McMoRan by 13.7% during the 1st 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 buying an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Freeport-McMoRan by 16.0% during 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 during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 0.3%

Shares of Freeport-McMoRan stock opened at $45.10 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The business has a fifty day simple moving average of $43.56 and a 200 day simple moving average of $40.51. The stock has a market cap of $64.75 billion, a PE ratio of 34.16, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same period 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. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current 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 issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan's payout ratio is currently 22.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FCX shares. Stifel Nicolaus started coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price for the company. Scotiabank raised their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. BNP Paribas Exane raised their target price on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Finally, Citigroup raised their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Two investment 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.33.

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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