Brandywine Global Investment Management LLC Decreases Stake in Freeport-McMoRan Inc. $FCX

Brandywine Global Investment Management LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,389,637 shares of the natural resource company’s stock after selling 157,882 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.10% of Freeport-McMoRan worth $60,241,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Portside Wealth Group LLC boosted its holdings in Freeport-McMoRan by 0.8% during the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after buying an additional 245 shares in the last quarter. Strengthening Families & Communities LLC increased its holdings in Freeport-McMoRan by 0.6% in the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after buying an additional 261 shares in the last quarter. CVA Family Office LLC lifted its position in shares of Freeport-McMoRan by 21.3% during the 2nd quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock valued at $66,000 after acquiring an additional 268 shares during the period. Cypress Wealth Services LLC lifted its position in shares of Freeport-McMoRan by 4.6% during the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after acquiring an additional 273 shares during the period. Finally, Princeton Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 1.1% during the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock worth $984,000 after acquiring an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.8%

Shares of NYSE FCX opened at $39.68 on Friday. The firm has a market cap of $56.98 billion, a P/E ratio of 27.94, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The firm’s 50 day moving average price is $41.19 and its 200 day moving average price is $41.82.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 21.13%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Wednesday. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft cut their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Dbs Bank lowered their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Finally, Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and dropped their target price for the company from $51.00 to $47.00 in a report on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $46.73.

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.