Metropolitan Life Insurance Co NY decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,461 shares of the natural resource company’s stock after selling 1,469 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Freeport-McMoRan were worth $2,498,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Freeport-McMoRan by 98,120.6% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,353,320 shares of the natural resource company’s stock worth $454,133,000 after acquiring an additional 11,341,761 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Freeport-McMoRan by 102.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,698,016 shares of the natural resource company’s stock valued at $355,838,000 after purchasing an additional 4,410,429 shares during the period. Carmignac Gestion acquired a new stake in Freeport-McMoRan in the 1st quarter worth $117,323,000. Alphinity Investment Management Pty Ltd bought a new position in shares of Freeport-McMoRan during the 1st quarter worth about $113,926,000. Finally, FMR LLC raised its position in shares of Freeport-McMoRan by 2.6% during the first quarter. FMR LLC now owns 105,191,820 shares of the natural resource company’s stock valued at $4,303,397,000 after buying an additional 2,667,362 shares during the last quarter. Institutional investors and hedge funds own 77.96% of the company’s stock.
Freeport-McMoRan Stock Up 1.8 %
FCX opened at $36.65 on Tuesday. The firm has a market cap of $52.56 billion, a price-to-earnings ratio of 24.76 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.90. The firm’s 50-day simple moving average is $36.04 and its 200-day simple moving average is $38.08. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $46.73.
Freeport-McMoRan Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Friday, October 13th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 20.27%.
Analysts Set New Price Targets
A number of research firms recently weighed in on FCX. Morgan Stanley decreased their target price on Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Friday, October 20th. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 20th. Stifel Nicolaus cut their target price on Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, August 22nd. Raymond James decreased their price target on shares of Freeport-McMoRan from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Friday, October 20th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $42.50.
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.
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