Intech Investment Management LLC Sells 8,736 Shares of Freeport-McMoRan Inc. $FCX

Intech Investment Management LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 14.3% during the 4th quarter, HoldingsChannel reports. The fund owned 52,326 shares of the natural resource company’s stock after selling 8,736 shares during the period. Intech Investment Management LLC’s holdings in Freeport-McMoRan were worth $2,658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Wellington Management Group LLP grew its stake in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Freeport-McMoRan by 205.0% in the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after acquiring an additional 2,813,845 shares during the last quarter. Amundi grew its stake in shares of Freeport-McMoRan by 43.7% in the third quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after acquiring an additional 2,132,708 shares during the last quarter. Kirkoswald Asset Management LLC acquired a new stake in shares of Freeport-McMoRan in the third quarter worth $82,754,200,000. Finally, Schroder Investment Management Group grew its stake in shares of Freeport-McMoRan by 87.6% in the third quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock worth $152,749,000 after acquiring an additional 1,921,792 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Bank of America raised their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Wells Fargo & Company reduced their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. The Goldman Sachs Group raised their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, HSBC raised their target price on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.04.

Freeport-McMoRan Stock Up 6.9%

Shares of NYSE FCX opened at $71.64 on Wednesday. The stock has a market cap of $102.99 billion, a PE ratio of 38.11, a PEG ratio of 0.81 and a beta of 1.35. The business has a fifty day moving average of $62.38 and a two-hundred day moving average of $57.50. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 15.96%.

Freeport-McMoRan Company Profile

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.