Federation des caisses Desjardins du Quebec Has $5.99 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• The Federation des caisses Desjardins du Quebec reduced its holdings in Freeport-McMoRan by 8.2% in the first quarter, selling 14,122 shares and now owning 158,273 shares valued at approximately $5.99 million.
• Freeport-McMoRan's recent earnings report showed EPS of $0.54, exceeding analysts' estimates, with revenue reaching $7.58 billion, up 14.5% year-over-year.
• The company announced a quarterly dividend of $0.15 per share, reflecting an annualized dividend yield of 1.3% and a payout ratio of 22.73%.

Federation des caisses Desjardins du Quebec cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,273 shares of the natural resource company's stock after selling 14,122 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in Freeport-McMoRan were worth $5,992,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Appian Way Asset Management LP acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $5,431,000. Dark Forest Capital Management LP acquired a new position in Freeport-McMoRan in the 1st quarter valued at $4,298,000. Maverick Capital Ltd. raised its position in Freeport-McMoRan by 141.6% in the first quarter. Maverick Capital Ltd. now owns 24,374 shares of the natural resource company's stock valued at $923,000 after purchasing an additional 14,286 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its holdings in Freeport-McMoRan by 69.7% in the first quarter. Focus Partners Advisor Solutions LLC now owns 9,140 shares of the natural resource company's stock worth $346,000 after purchasing an additional 3,754 shares in the last quarter. Finally, Flputnam Investment Management Co. boosted its position in Freeport-McMoRan by 39.5% in the first quarter. Flputnam Investment Management Co. now owns 169,480 shares of the natural resource company's stock worth $6,416,000 after purchasing an additional 48,020 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $0.34 during midday trading on Monday, reaching $46.68. 10,269,808 shares of the stock traded hands, compared to its average volume of 15,357,763. The stock has a market cap of $67.02 billion, a P/E ratio of 35.36, a PEG ratio of 0.88 and a beta of 1.59. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The stock's fifty day moving average is $43.64 and its 200-day moving average is $39.87. 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 (NYSE:FCX - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. The firm's revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Scotiabank lifted their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 9th. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the company from $45.00 to $50.00 in a report on Friday, July 11th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price for the company. Finally, Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.