Hsbc Holdings PLC Sells 622,079 Shares of Freeport-McMoRan Inc. $FCX

Hsbc Holdings PLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 15.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,329,985 shares of the natural resource company’s stock after selling 622,079 shares during the period. Hsbc Holdings PLC’s holdings in Freeport-McMoRan were worth $169,329,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter worth about $30,000. Targeted Financial Services LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $673,000. Caitong International Asset Management Co. Ltd bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $1,407,000. Reflection Asset Management bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $76,000. Finally, Wick Capital Partners LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $269,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $68.80 on Friday. The firm has a market capitalization of $98.90 billion, a P/E ratio of 36.60, a PEG ratio of 0.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The business has a fifty day moving average of $64.98 and a 200 day moving average of $60.01.

Freeport-McMoRan (NYSE:FCX) last posted its 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. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FCX. The Goldman Sachs Group increased their price target on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Bank of America increased their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock 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 assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $67.81.

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.