Osborne Partners Capital Management LLC Sells 34,895 Shares of Freeport-McMoRan Inc. $FCX

Osborne Partners Capital Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 38.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 56,435 shares of the natural resource company’s stock after selling 34,895 shares during the period. Osborne Partners Capital Management LLC’s holdings in Freeport-McMoRan were worth $3,317,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after buying an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after acquiring an additional 622,343 shares during the period. State Street Corp boosted its stake in Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after acquiring an additional 395,226 shares during the last quarter. Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $60.88 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $87.52 billion, a PE ratio of 32.38, a P/E/G ratio of 0.74 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a 50-day moving average price of $63.81 and a two-hundred day moving average price of $61.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FCX shares. CICC Research decreased their price target on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Scotiabank increased their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. Morgan Stanley reissued an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Finally, Wells Fargo & Company decreased their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $68.36.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.