Temasek Holdings Private Ltd Cuts Position in Freeport-McMoRan Inc. $FCX

Temasek Holdings Private Ltd reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 832,754 shares of the natural resource company’s stock after selling 28,874 shares during the period. Temasek Holdings Private Ltd’s holdings in Freeport-McMoRan were worth $36,100,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after acquiring an additional 1,941,662 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 3.2% in the second quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company’s stock valued at $2,703,250,000 after purchasing an additional 1,926,493 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Amundi increased its stake in Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after buying an additional 1,815,285 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday. BNP Paribas Exane cut their price target on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday. Scotiabank upgraded Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and decreased their price objective for the company from $51.00 to $47.00 in a research note on Wednesday, November 19th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, October 8th. Finally, CICC Research reduced their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Buy” and an average price target of $47.30.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $45.22 on Monday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The stock has a market capitalization of $64.94 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 1.02 and a beta of 1.49. The company has a 50-day simple moving average of $41.17 and a 200-day simple moving average of $42.22. 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 (NYSE:FCX) last issued its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is 21.13%.

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.