Federated Hermes Inc. Sells 24,586 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Federated Hermes Inc. lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,190,212 shares of the natural resource company’s stock after selling 24,586 shares during the quarter. Federated Hermes Inc. owned 0.15% of Freeport-McMoRan worth $93,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock valued at $4,451,285,000 after purchasing an additional 305,912 shares during the last quarter. Geode Capital Management LLC raised its position in Freeport-McMoRan by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after purchasing an additional 472,160 shares during the last quarter. Northern Trust Corp raised its position in Freeport-McMoRan by 4.2% in the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares during the last quarter. Morgan Stanley raised its position in Freeport-McMoRan by 4.8% in the 4th quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock valued at $628,278,000 after purchasing an additional 753,458 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position 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 last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.7 %

FCX stock opened at $50.16 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. The stock has a market capitalization of $71.95 billion, a P/E ratio of 39.50, a P/E/G ratio of 2.25 and a beta of 2.04. The business has a 50-day moving average of $43.32 and a 200-day moving average of $39.82. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. The company had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. Freeport-McMoRan’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.6 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 23.62%.

Analysts Set New Price Targets

Several equities analysts have issued reports on FCX shares. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Scotiabank lifted their target price on Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Raymond James lifted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Finally, JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $47.54.

Freeport-McMoRan Company Profile

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. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.