Federated Hermes Inc. Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Federated Hermes Inc. reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 45.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,164,234 shares of the natural resource company’s stock after selling 956,482 shares during the quarter. Federated Hermes Inc. owned about 0.08% of Freeport-McMoRan worth $56,582,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after buying an additional 4,703 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 1.8% during the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares in the last quarter. Oaktree Capital Management LP increased its position in shares of Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the last quarter. Norden Group LLC raised its stake in shares of Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday. Raymond James decreased their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Finally, Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Up 2.0 %

FCX opened at $42.66 on Friday. The company has a market capitalization of $61.30 billion, a PE ratio of 37.75, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The business has a 50-day moving average of $44.29 and a 200-day moving average of $46.89. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.