Keybank National Association OH Has $135.31 Million Stock Position in Freeport-McMoRan Inc. $FCX

Keybank National Association OH reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 2,302,017 shares of the natural resource company’s stock after selling 47,613 shares during the period. Keybank National Association OH’s holdings in Freeport-McMoRan were worth $135,313,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. Strategic Investment Solutions Inc. IL bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $25,000. Steph & Co. grew its position in 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 purchasing an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the fourth quarter valued at $29,000. SHP Wealth Management acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $30,000. Finally, JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the 3rd quarter valued at $33,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.6%

FCX stock opened at $60.88 on Friday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $87.52 billion, a PE ratio of 32.38, a PEG ratio of 0.73 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The business’s 50 day simple moving average is $64.00 and its 200 day simple moving average is $61.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the prior year, the business earned $0.24 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Analyst Ratings Changes

Several brokerages have commented on FCX. HSBC boosted their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. The Goldman Sachs Group upped their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Morgan Stanley reissued an “equal weight” rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $68.36.

About Freeport-McMoRan

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.