Manning & Napier Advisors LLC Invests $2.47 Million in Freeport-McMoRan Inc. (NYSE:FCX)

Manning & Napier Advisors LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 65,125 shares of the natural resource company's stock, valued at approximately $2,466,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock worth $4,692,191,000 after purchasing an additional 642,776 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Freeport-McMoRan by 21.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after buying an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company's stock worth $1,122,922,000 after buying an additional 688,240 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Freeport-McMoRan by 8.0% during the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock worth $1,123,445,000 after buying an additional 2,191,926 shares in the last quarter. Finally, Capital World Investors lifted its holdings in Freeport-McMoRan by 3.2% during the 4th quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock worth $916,037,000 after buying an additional 750,500 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 2.4%

FCX opened at $40.18 on Monday. The firm's fifty day moving average is $38.28 and its two-hundred day moving average is $38.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32. The firm has a market cap of $57.74 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 0.80 and a beta of 1.65. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm's revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCX shares. UBS Group cut their price target on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Wolfe Research upgraded shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price objective on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.27.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.79% of the stock is currently owned by insiders.

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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