Mackenzie Financial Corp Has $86.40 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mackenzie Financial Corp increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,777,838 shares of the natural resource company’s stock after acquiring an additional 156,550 shares during the period. Mackenzie Financial Corp owned about 0.12% of Freeport-McMoRan worth $86,403,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Capital International Investors bought a new stake in Freeport-McMoRan in the first quarter valued at $417,752,000. Capital World Investors raised its stake in Freeport-McMoRan by 40.9% during the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd bought a new position in shares of Freeport-McMoRan during the first quarter valued at $197,966,000. Finally, Swedbank AB acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $162,464,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $51.34 on Friday. The firm has a fifty day moving average of $43.65 and a two-hundred day moving average of $47.44. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock has a market capitalization of $73.77 billion, a price-to-earnings ratio of 45.43, a PEG ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FCX. Raymond James increased their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Scotiabank reduced their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

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.