Primecap Management Co. CA Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Primecap Management Co. CA lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,221,400 shares of the natural resource company’s stock after selling 310,400 shares during the quarter. Primecap Management Co. CA owned 0.22% of Freeport-McMoRan worth $119,546,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. grew its position in shares of Freeport-McMoRan by 12.4% in the first quarter. BlackRock Inc. now owns 136,810,440 shares of the natural resource company’s stock valued at $4,505,168,000 after purchasing an additional 15,067,867 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Freeport-McMoRan in the second quarter valued at $425,297,000. Nuveen Asset Management LLC increased its position in shares of Freeport-McMoRan by 40.3% during the first quarter. Nuveen Asset Management LLC now owns 15,664,650 shares of the natural resource company’s stock worth $515,837,000 after purchasing an additional 4,497,571 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $146,627,000. Finally, Bessemer Group Inc. grew its holdings in shares of Freeport-McMoRan by 36,627.2% during the second quarter. Bessemer Group Inc. now owns 2,550,704 shares of the natural resource company’s stock worth $94,657,000 after buying an additional 2,543,759 shares during the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.

NYSE:FCX opened at $34.30 on Friday. Freeport-McMoRan Inc. has a 1 year low of $14.67 and a 1 year high of $46.10. The firm’s fifty day simple moving average is $35.69 and its 200 day simple moving average is $36.97. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $50.35 billion, a PE ratio of 17.96 and a beta of 2.08.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The business had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same period last year, the business posted $0.03 EPS. Freeport-McMoRan’s revenue was up 88.2% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 2.96 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 2nd. Shareholders of record on Thursday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 14th. This represents a $0.30 annualized dividend and a yield of 0.87%. Freeport-McMoRan’s dividend payout ratio is 55.56%.

A number of brokerages have weighed in on FCX. Morgan Stanley lowered their price objective on Freeport-McMoRan from $38.00 to $36.50 and set an “equal weight” rating on the stock in a report on Friday, July 23rd. Raymond James set a $47.00 price target on Freeport-McMoRan and gave the company an “outperform” rating in a report on Friday, July 23rd. BNP Paribas downgraded Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $40.30 price target for the company. in a report on Friday, June 4th. Credit Suisse Group cut shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price objective for the company. in a research note on Friday, September 10th. Finally, Barclays cut shares of Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a research report on Thursday, July 8th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $38.72.

Freeport-McMoRan Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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