American Century Companies Inc. Decreases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

American Century Companies Inc. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 27.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 383,422 shares of the natural resource company’s stock after selling 146,003 shares during the period. American Century Companies Inc.’s holdings in Freeport-McMoRan were worth $18,634,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. lifted its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after acquiring an additional 480 shares during the last quarter. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter worth about $26,000. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter worth about $26,000. RFP Financial Group LLC boosted its position in shares of Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the period. Finally, POM Investment Strategies LLC bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $44.51 on Friday. The firm has a market cap of $63.94 billion, a P/E ratio of 39.42, 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 Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock’s fifty day moving average price is $43.69 and its 200-day moving average price is $47.05.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FCX shares. Scotiabank decreased their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.