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

K.J. Harrison & Partners Inc cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 36.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 110,023 shares of the natural resource company’s stock after selling 63,500 shares during the period. Freeport-McMoRan accounts for approximately 1.1% of K.J. Harrison & Partners Inc’s investment portfolio, 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 hedge funds and other institutional investors have also recently made changes to their positions in FCX. Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after buying an additional 23,950,557 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Amundi increased its holdings in shares of Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock valued at $721,806,000 after acquiring an additional 7,192,955 shares in the last quarter. Finally, PointState Capital LP purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at approximately $198,523,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Jefferies Financial Group upped their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. UBS Group raised their price target on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. BNP Paribas Exane lifted their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Finally, Sanford C. Bernstein boosted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $68.36.

Freeport-McMoRan Stock Down 0.1%

Shares of FCX stock opened at $60.88 on Friday. The stock has a 50 day moving average of $63.81 and a 200 day moving average of $61.24. 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 stock has a market cap of $87.52 billion, a P/E ratio of 32.38, a P/E/G ratio of 0.74 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28.

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

Freeport-McMoRan Dividend Announcement

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

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.