K.J. Harrison & Partners Inc Cuts Position in Freeport-McMoRan Inc. $FCX

K.J. Harrison & Partners Inc decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 36.6% in the first quarter, HoldingsChannel.com reports. The firm owned 110,023 shares of the natural resource company’s stock after selling 63,500 shares during the quarter. Freeport-McMoRan makes up 1.1% of K.J. Harrison & Partners Inc’s holdings, making the stock its 24th biggest holding. K.J. Harrison & Partners Inc’s holdings in Freeport-McMoRan were worth $6,467,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in Freeport-McMoRan in the 1st quarter valued at $34,000. Finally, SHP Wealth Management acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $30,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the subject of a number of research analyst reports. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Morgan Stanley reissued an “equal weight” rating and set a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Scotiabank boosted their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Finally, Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.36.

Freeport-McMoRan Price Performance

FCX stock opened at $60.88 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The firm has a market capitalization of $87.52 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.74 and a beta of 1.37. The business has a 50 day simple moving average of $63.81 and a 200-day simple moving average of $61.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.