Gabelli Funds LLC Has $55.85 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Gabelli Funds LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,149,108 shares of the natural resource company’s stock after selling 110,442 shares during the period. Gabelli Funds LLC owned about 0.08% of Freeport-McMoRan worth $55,847,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Capital Research Global Investors grew its holdings in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Freeport-McMoRan by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Freeport-McMoRan by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after buying an additional 1,551,828 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.4 %

Shares of NYSE FCX opened at $44.53 on Friday. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company has a 50-day moving average of $43.55 and a two-hundred day moving average of $47.16. The company has a market cap of $63.97 billion, a PE ratio of 39.41, a P/E/G ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FCX shares. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Raymond James lowered their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.79.

About Freeport-McMoRan

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.