Zurcher Kantonalbank Zurich Cantonalbank Sells 138,071 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 29.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 335,236 shares of the natural resource company’s stock after selling 138,071 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freeport-McMoRan were worth $16,292,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FCX. LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $26,000. Jones Financial Companies Lllp boosted its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 532 shares during the period. RFP Financial Group LLC grew its holdings in Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares in the last quarter. Finally, POM Investment Strategies LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth $31,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on FCX. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Raymond James reduced their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Five 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 presently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Trading Down 0.3 %

Shares of FCX traded down $0.14 during trading hours on Friday, hitting $43.69. 2,293,172 shares of the stock were exchanged, compared to its average volume of 13,261,790. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The business has a 50-day moving average of $46.02 and a 200-day moving average of $46.61. The firm has a market capitalization of $62.76 billion, a P/E ratio of 38.79, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. 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 results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. The company’s revenue was up 15.5% compared to the same quarter last year. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.37%. Freeport-McMoRan’s payout ratio is currently 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.