Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Decreased by Clearbridge Investments LLC

Clearbridge Investments LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 14,083,952 shares of the natural resource company’s stock after selling 370,837 shares during the quarter. Clearbridge Investments LLC’s holdings in Freeport-McMoRan were worth $684,480,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. New Century Financial Group LLC boosted its holdings in Freeport-McMoRan by 34.0% in the second quarter. New Century Financial Group LLC now owns 10,056 shares of the natural resource company’s stock worth $489,000 after purchasing an additional 2,550 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Freeport-McMoRan by 92.2% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 225,801 shares of the natural resource company’s stock worth $10,973,000 after purchasing an additional 108,342 shares during the period. Cetera Investment Advisers lifted its position in shares of Freeport-McMoRan by 10.1% in the 2nd quarter. Cetera Investment Advisers now owns 320,419 shares of the natural resource company’s stock worth $15,572,000 after buying an additional 29,394 shares during the last quarter. Ted Buchan & Co acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $607,000. Finally, Advisory Alpha LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $221,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 2.8 %

Shares of NYSE:FCX opened at $49.92 on Tuesday. The firm has a market cap of $71.71 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.89 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a 50 day moving average of $43.72 and a 200-day moving average of $47.57.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank lowered Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 price objective for the company. in a research report on Monday. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan 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.