Wellington Management Group LLP Boosts Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Wellington Management Group LLP increased its stake in Freeport-McMoRan Inc. by 26.2%, owning over 11.6 million shares valued at $440.49 million at the end of the most recent reporting period.
• Several major institutional investors are actively adjusting their holdings in Freeport-McMoRan, with total institutional ownership at 80.77% of the company's stock.
• Freeport-McMoRan has announced a quarterly dividend of $0.15 per share, with a current annualized yield of 1.4% and a payout ratio of 22.73%.

Wellington Management Group LLP boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,634,713 shares of the natural resource company's stock after acquiring an additional 2,416,195 shares during the period. Wellington Management Group LLP owned 0.81% of Freeport-McMoRan worth $440,490,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FCX. Nuveen LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $366,959,000. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after acquiring an additional 5,735,171 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings 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 valued at $830,726,000 after acquiring an additional 2,642,810 shares in the last quarter. Phoenix Financial Ltd. boosted its holdings in Freeport-McMoRan by 1,354.9% in the first quarter. Phoenix Financial Ltd. now owns 2,641,129 shares of the natural resource company's stock valued at $100,001,000 after acquiring an additional 2,459,598 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Freeport-McMoRan by 21.7% in the first quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company's stock valued at $453,138,000 after acquiring an additional 2,133,846 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.79% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $41.79 on Tuesday. The stock has a market cap of $60.00 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 0.80 and a beta of 1.63. The firm's 50-day moving average is $43.00 and its 200 day moving average is $39.30. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. 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 issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. Freeport-McMoRan's revenue was up 14.5% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Jefferies Financial Group restated a "buy" rating and set a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their target price for the company from $45.00 to $54.00 in a report on Tuesday, July 15th. Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Finally, Bank of America restated a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

About Freeport-McMoRan

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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