USS Investment Management Ltd Has $9.40 Million Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• USS Investment Management Ltd reduced its stake in Freeport-McMoRan Inc. by 10.1%, owning 248,404 shares worth $9.4 million after selling 27,900 shares in the first quarter.
• Analysts have set new price targets for Freeport-McMoRan, with Royal Bank of Canada increasing theirs from $52.00 to $54.00 and Stifel Canada upgrading it to a "strong-buy" rating.
• Freeport-McMoRan recently reported a $0.54 EPS, exceeding analysts' estimates, and declared a quarterly dividend of $0.15 per share, reflecting a 1.3% dividend yield.

USS Investment Management Ltd cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 248,404 shares of the natural resource company's stock after selling 27,900 shares during the quarter. USS Investment Management Ltd's holdings in Freeport-McMoRan were worth $9,403,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of FCX. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock valued at $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Amundi lifted its stake in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after acquiring an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock worth $498,270,000 after acquiring an additional 1,815,285 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded up $0.98 during midday trading on Thursday, hitting $45.86. The company had a trading volume of 14,918,063 shares, compared to its average volume of 15,438,299. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The business's 50 day simple moving average is $43.69 and its two-hundred day simple moving average is $40.00. The stock has a market cap of $65.84 billion, a PE ratio of 34.74, a P/E/G ratio of 0.83 and a beta of 1.59. 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 (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter last year, the company earned $0.46 earnings per share. The firm's revenue was up 14.5% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. JPMorgan Chase & Co. increased 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. Citigroup boosted their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Bank of America reiterated a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Finally, Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Two 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 company's stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average 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.