Clearbridge Investments LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Clearbridge Investments LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 8.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,498,695 shares of the natural resource company’s stock after buying an additional 1,093,483 shares during the quarter. Clearbridge Investments LLC owned about 1.01% of Freeport-McMoRan worth $593,142,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FCX. Los Angeles Capital Management LLC grew its stake in Freeport-McMoRan by 3.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 7,589 shares of the natural resource company’s stock worth $288,000 after buying an additional 235 shares during the last quarter. CENTRAL TRUST Co grew its stake in Freeport-McMoRan by 2.5% during the 1st quarter. CENTRAL TRUST Co now owns 10,450 shares of the natural resource company’s stock worth $428,000 after buying an additional 250 shares during the last quarter. FinTrust Capital Advisors LLC grew its stake in Freeport-McMoRan by 5.1% during the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company’s stock worth $200,000 after buying an additional 253 shares during the last quarter. West Family Investments Inc. grew its stake in Freeport-McMoRan by 0.4% during the 4th quarter. West Family Investments Inc. now owns 72,530 shares of the natural resource company’s stock worth $2,756,000 after buying an additional 263 shares during the last quarter. Finally, Stephens Consulting LLC grew its stake in Freeport-McMoRan by 28.0% during the 1st quarter. Stephens Consulting LLC now owns 1,280 shares of the natural resource company’s stock worth $52,000 after buying an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 77.96% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX traded up $1.67 during trading hours on Friday, reaching $41.58. The company’s stock had a trading volume of 6,154,140 shares, compared to its average volume of 12,212,627. The firm has a market capitalization of $59.61 billion, a price-to-earnings ratio of 27.52 and a beta of 2.03. Freeport-McMoRan Inc. has a 1-year low of $26.03 and a 1-year high of $46.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72. The company’s 50-day moving average is $40.71 and its two-hundred day moving average is $39.41.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The business had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.61 billion. Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, July 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.60 annualized dividend and a yield of 1.44%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.69%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FCX. Raymond James boosted their target price on Freeport-McMoRan from $43.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, July 21st. Sanford C. Bernstein started coverage on Freeport-McMoRan in a research report on Thursday, June 29th. They set a “market perform” rating and a $41.00 price target for the company. Scotiabank lowered their price target on Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. Stifel Nicolaus lowered their price target on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, August 22nd. Finally, 1-800-FLOWERS.COM reissued an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $39.96.

Check Out Our Latest Analysis on Freeport-McMoRan

About Freeport-McMoRan

(Free Report)

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, as well as oil and gas. The company’s 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.

Further Reading

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).

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