UniSuper Management Pty Ltd Sells 31,205 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• UniSuper Management Pty Ltd reduced its stake in Freeport-McMoRan by 6.3%, selling 31,205 shares, leaving them with 461,172 shares valued at approximately $17.46 million.
• Multiple hedge funds increased their holdings in Freeport-McMoRan, with Stratos Investment Management boosting its position by 238.5% during the same period.
• Freeport-McMoRan reported strong quarterly earnings, with earnings per share of $0.54, surpassing expectations and reflecting a 14.5% revenue increase year-over-year.

UniSuper Management Pty Ltd trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 461,172 shares of the natural resource company's stock after selling 31,205 shares during the period. UniSuper Management Pty Ltd's holdings in Freeport-McMoRan were worth $17,460,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Stratos Investment Management LLC boosted its holdings in Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. boosted its holdings in Freeport-McMoRan by 18.5% during the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares during the period. Arizona State Retirement System boosted its holdings in Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after acquiring an additional 8,989 shares during the period. Financial Sense Advisors Inc. boosted its holdings in Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after acquiring an additional 64,003 shares during the period. Finally, Anderson Hoagland & Co. boosted its holdings in Freeport-McMoRan by 27.6% during the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after acquiring an additional 23,695 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $46.37 on Monday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $66.58 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 0.88 and a beta of 1.59. The firm has a 50-day moving average price of $43.64 and a 200 day moving average price of $39.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the prior year, the business posted $0.46 earnings per share. The company's quarterly revenue was up 14.5% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Scotiabank upped their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada upped their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Finally, Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus 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.

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