Federated Hermes Inc. Has $12.71 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Federated Hermes Inc. reduced its stake in Freeport-McMoRan Inc. by 53.9%, now holding 335,781 shares valued at approximately $12.71 million.
• Other institutional investors, such as Price T Rowe Associates and Bank of New York Mellon Corp, have increased their stakes in Freeport-McMoRan, indicating strong interest from major players.
• Freeport-McMoRan reported a quarterly earnings beat with a net margin of 7.45% and revenue of $7.58 billion, exceeding analyst expectations.

Federated Hermes Inc. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 53.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 335,781 shares of the natural resource company's stock after selling 392,616 shares during the period. Federated Hermes Inc.'s holdings in Freeport-McMoRan were worth $12,713,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $26,000. Coppell Advisory Solutions LLC raised its stake in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the period. City Holding Co. purchased a new stake in Freeport-McMoRan during the 1st quarter worth $33,000. Bernard Wealth Management Corp. purchased a new stake in Freeport-McMoRan during the 4th quarter worth $35,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Freeport-McMoRan by 38.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 1.0%

Shares of NYSE FCX traded up $0.39 during mid-day trading on Monday, hitting $40.42. The company's stock had a trading volume of 12,726,089 shares, compared to its average volume of 21,059,416. The stock has a market cap of $58.09 billion, a price-to-earnings ratio of 30.62, a price-to-earnings-growth ratio of 0.75 and a beta of 1.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The company's fifty day simple moving average is $42.72 and its 200-day simple moving average is $39.04.

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

Freeport-McMoRan Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's payout ratio is currently 22.73%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus 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.