The Manufacturers Life Insurance Company Sells 826,756 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• The Manufacturers Life Insurance Company cut its Freeport-McMoRan stake by 24.3%, selling 826,756 shares and retaining 2.57 million shares worth approximately $151 million.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, beating estimates of $0.62, while revenue reached $7.03 billion. However, revenue declined 7.3% year over year.
• Analysts maintain a generally positive outlook, with the stock holding a “Moderate Buy” consensus rating and an average price target of $70.27. The company also declared a quarterly dividend of $0.075 per share.

The Manufacturers Life Insurance Company lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,569,636 shares of the natural resource company's stock after selling 826,756 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.18% of Freeport-McMoRan worth $151,043,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after purchasing an additional 9,924,573 shares during the period. Franklin Resources Inc. raised its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $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% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock valued at $721,806,000 after buying an additional 7,192,955 shares during the period. PointState Capital LP acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $198,523,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Freeport-McMoRan by 28.9% during the 4th 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 during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $61.58 on Wednesday. The company has a market capitalization of $88.53 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 0.64 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The stock's 50 day moving average is $63.68 and its 200-day moving average is $62.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the firm posted $0.54 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.74 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. Jefferies Financial Group increased their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Citigroup reaffirmed a "positive" rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Finally, CICC Research cut their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating for the company in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $70.27.

Freeport-McMoRan Company Profile

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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