Fifth Third Bancorp Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Bancorp boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 28.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 612,285 shares of the natural resource company’s stock after acquiring an additional 136,466 shares during the quarter. Fifth Third Bancorp’s holdings in Freeport-McMoRan were worth $29,757,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its holdings in Freeport-McMoRan by 16.5% in the fourth quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock valued at $1,324,000 after buying an additional 4,397 shares during the last quarter. Greenleaf Trust raised its position in shares of Freeport-McMoRan by 8.0% during the 4th quarter. Greenleaf Trust now owns 24,647 shares of the natural resource company’s stock worth $1,049,000 after acquiring an additional 1,817 shares in the last quarter. abrdn plc lifted its stake in Freeport-McMoRan by 83.7% during the fourth quarter. abrdn plc now owns 664,672 shares of the natural resource company’s stock worth $28,295,000 after purchasing an additional 302,762 shares during the last quarter. Verdence Capital Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $209,000. Finally, Nicholas Hoffman & Company LLC. boosted its holdings in shares of Freeport-McMoRan by 3.8% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 8,494 shares of the natural resource company’s stock valued at $362,000 after buying an additional 313 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. Bernstein Bank boosted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21st. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Raymond James reduced their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Finally, Scotiabank lowered their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $52.67.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.36 during trading on Wednesday, hitting $43.89. 7,036,976 shares of the company were exchanged, compared to its average volume of 13,485,985. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a 50 day moving average price of $46.57 and a 200 day moving average price of $46.45. The stock has a market capitalization of $63.05 billion, a price-to-earnings ratio of 38.81, a P/E/G ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

About Freeport-McMoRan

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.