Wilmington Savings Fund Society FSB Has $896,000 Position in Freeport-McMoRan Inc. $FCX

Wilmington Savings Fund Society FSB lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,673 shares of the natural resource company’s stock after selling 7,264 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Freeport-McMoRan were worth $896,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Freeport-McMoRan by 13.7% during the 1st 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 during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after acquiring an additional 1,815,285 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 8th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, October 8th. Johnson Rice lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Finally, Dbs Bank lowered their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.66 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm has a market cap of $59.81 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 0.95 and a beta of 1.58. The company has a fifty day moving average price of $42.65 and a 200-day moving average price of $40.62.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.