Freeport-McMoRan Inc. $FCX Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Freeport-McMoRan by 9.4%, owning approximately 3.59 million shares valued at $155.59 million as of the end of the second quarter.
• Freeport-McMoRan reported a quarterly EPS of $0.50, surpassing estimates by $0.09, with a revenue of $6.97 billion and a year-over-year revenue increase of 2.7%.
• The company declared a quarterly dividend of $0.15, which will be paid on November 3rd, representing an annualized yield of 1.5%.

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,589,190 shares of the natural resource company's stock after acquiring an additional 307,735 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Freeport-McMoRan worth $155,591,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FCX. Dagco Inc. acquired a new position in Freeport-McMoRan during the first quarter worth $37,000. Beacon Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after purchasing an additional 327 shares during the period. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at about $42,000. Finally, Hilltop National Bank purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at about $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.3%

NYSE FCX opened at $41.34 on Friday. The firm has a 50 day simple moving average of $42.55 and a 200-day simple moving average of $40.97. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.21 and a current ratio of 2.45. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21. The firm has a market cap of $59.36 billion, a price-to-earnings ratio of 29.12, a PEG ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. 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%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FCX shares. Bank of America raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. Jefferies Financial Group reissued a "buy" rating and issued a $46.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Wells Fargo & Company raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Wednesday, October 8th. Citigroup upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price target for the company in a research report on Wednesday, October 8th. Finally, BNP Paribas Exane decreased their price objective on shares of Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating on the stock in a report on Thursday, September 25th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $46.92.

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.

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