Freeport-McMoRan Inc. $FCX Holdings Decreased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP slightly reduced its stake in Freeport-McMoRan by 0.4% in the first quarter, selling 47,699 shares and ending with 13.1 million shares valued at about $770.6 million.
• Analysts remain generally positive on FCX despite some mixed moves: the stock has a consensus “Moderate Buy” rating with an average target price of $68.77, while recent actions included upgrades from Wall Street Zen and BNP Paribas Exane and a downgrade from Weiss Ratings.
• Freeport-McMoRan beat first-quarter expectations, reporting adjusted EPS of $0.57 on revenue of $6.23 billion, both above consensus estimates; the company also announced a quarterly dividend of $0.075 per share.

Dimensional Fund Advisors LP lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 0.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,116,518 shares of the natural resource company's stock after selling 47,699 shares during the quarter. Dimensional Fund Advisors LP owned about 0.91% of Freeport-McMoRan worth $770,565,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Steph & Co. raised its position 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 buying an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $34,000. Finally, SHP Wealth Management acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $30,000. Institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Citigroup reissued a "positive" rating on shares of Freeport-McMoRan in a report on Wednesday. Weiss Ratings cut Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 7th. CICC Research dropped their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a research note on Tuesday, April 28th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Finally, BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $68.77.

Freeport-McMoRan Stock Up 0.1%

NYSE FCX opened at $58.44 on Monday. 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 $84.02 billion, a P/E ratio of 31.09, a PEG ratio of 0.58 and a beta of 1.37. The company's 50 day simple moving average is $63.87 and its 200 day simple moving average is $62.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts' expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is 15.96%.

Freeport-McMoRan Company Profile

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.

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.