Freeport-McMoRan Inc. $FCX is Villere ST Denis J & Co. LLC's 8th Largest Position

Key Points

• Villere ST Denis J & Co. LLC has reduced its stake in Freeport-McMoRan by 3%, now holding 776,826 shares valued at approximately $33.68 million, making it the firm's 8th largest position.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding analyst expectations, with revenues reaching $7.58 billion, a 14.5% increase from the previous year.
• The company announced a quarterly dividend of $0.15 per share, representing a 1.5% yield, with the payout ratio currently at 22.73%.

Villere ST Denis J & Co. LLC trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 776,826 shares of the natural resource company's stock after selling 23,625 shares during the period. Freeport-McMoRan comprises about 3.2% of Villere ST Denis J & Co. LLC's holdings, making the stock its 8th biggest holding. Villere ST Denis J & Co. LLC owned 0.05% of Freeport-McMoRan worth $33,675,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Strengthening Families & Communities LLC lifted its holdings in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock valued at $1,822,000 after purchasing an additional 261 shares during the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after purchasing an additional 275 shares during the last quarter. Princeton Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after purchasing an additional 275 shares during the last quarter. Capital Investment Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after purchasing an additional 278 shares during the last quarter. Finally, Capital Analysts LLC lifted its holdings in shares of Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock valued at $96,000 after purchasing an additional 284 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $40.92 on Friday. 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 fifty-two week low of $27.66 and a fifty-two week high of $50.28. The stock's 50-day moving average is $42.51 and its two-hundred day moving average is $40.55. The firm has a market cap of $58.74 billion, a P/E ratio of 31.00, a PEG ratio of 0.97 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results 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. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business's revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. 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 disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. BNP Paribas Exane reduced their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a research note on Thursday, September 25th. HSBC reduced their price objective on Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating for the company in a research note on Thursday, September 25th. Raymond James Financial reduced their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating for the company in a research note on Thursday, September 25th. Scotiabank reissued a "sector perform" rating and issued a $45.00 price objective (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Finally, Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $46.56.

Freeport-McMoRan 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.

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