Franklin Resources Inc. Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Franklin Resources Inc. decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 53.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,091,272 shares of the natural resource company’s stock after selling 3,585,098 shares during the period. Franklin Resources Inc. owned about 0.21% of Freeport-McMoRan worth $90,451,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fairfield Bush & CO. purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. Core Alternative Capital boosted its position in shares of Freeport-McMoRan by 444.7% during the first quarter. Core Alternative Capital now owns 561 shares of the natural resource company’s stock valued at $28,000 after buying an additional 458 shares during the last quarter. BDO Wealth Advisors LLC boosted its position in shares of Freeport-McMoRan by 495.0% during the first quarter. BDO Wealth Advisors LLC now owns 601 shares of the natural resource company’s stock valued at $30,000 after buying an additional 500 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $33,000. Finally, Charter Oak Capital Management LLC bought a new stake in Freeport-McMoRan during the second quarter worth $25,000. Hedge funds and other institutional investors own 77.38% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Director Ryan Michael Lance bought 31,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, August 29th. The stock was acquired at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the completion of the transaction, the director now directly owns 32,132 shares in the company, valued at $1,024,368.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $38.04 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.76 and a current ratio of 2.56. Freeport-McMoRan Inc. has a 52-week low of $24.80 and a 52-week high of $51.99. The firm has a market cap of $54.37 billion, a price-to-earnings ratio of 14.46 and a beta of 1.95. The business’s fifty day moving average is $31.60 and its 200 day moving average is $32.11.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings data on Thursday, October 20th. The natural resource company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.14). Freeport-McMoRan had a net margin of 16.72% and a return on equity of 17.69%. The company had revenue of $5 billion for the quarter, compared to the consensus estimate of $4.91 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The business’s revenue for the quarter was down 17.8% compared to the same quarter last year. Research analysts predict that Freeport-McMoRan Inc. will post 2.33 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, October 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.58%. Freeport-McMoRan’s payout ratio is 11.41%.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on Freeport-McMoRan in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Exane BNP Paribas lowered Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 price target on the stock. in a report on Thursday, October 6th. Raymond James dropped their price target on Freeport-McMoRan from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. Royal Bank of Canada dropped their price target on Freeport-McMoRan from $35.00 to $34.00 and set a “sector perform” rating on the stock in a report on Friday, October 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $30.00 to $35.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.07.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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