Mediolanum International Funds Ltd Sells 347,558 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Mediolanum International Funds Ltd cut its Freeport-McMoRan stake by 38.6% in Q1, selling 347,558 shares and leaving it with 553,087 shares worth about $30.2 million.
• Freeport-McMoRan reported better-than-expected Q1 results, with EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion versus $5.73 billion expected.
• The company also declared a quarterly dividend of $0.075 per share, while analysts currently rate the stock a “Moderate Buy” with an average target price of $68.77.

Mediolanum International Funds Ltd lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 553,087 shares of the natural resource company's stock after selling 347,558 shares during the quarter. Mediolanum International Funds Ltd's holdings in Freeport-McMoRan were worth $30,226,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of Freeport-McMoRan by 98.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock valued at $1,014,434,000 after buying an additional 9,924,573 shares during the period. Franklin Resources Inc. raised its stake in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after buying an additional 8,891,743 shares during the period. Amundi raised its stake in Freeport-McMoRan by 102.5% during the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock worth $721,806,000 after buying an additional 7,192,955 shares during the period. PointState Capital LP bought a new position in Freeport-McMoRan during the fourth quarter worth about $198,523,000. Finally, Victory Capital Management Inc. lifted its holdings in Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company's stock worth $882,050,000 after acquiring an additional 3,894,872 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $58.44 on Friday. The company has a fifty day moving average price of $63.87 and a 200 day moving average price of $61.94. The firm has a market cap of $84.02 billion, a PE ratio of 31.09, a PEG ratio of 0.58 and a beta of 1.37. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. Research analysts predict that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 15.96%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Weiss Ratings cut Freeport-McMoRan from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 7th. Bank of America boosted their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. BMO Capital Markets increased their target price on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $68.77.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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