Freeport-McMoRan Inc. $FCX Shares Sold by Inspire Investing LLC

Inspire Investing LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 142,413 shares of the natural resource company’s stock after selling 3,616 shares during the period. Freeport-McMoRan accounts for approximately 0.7% of Inspire Investing LLC’s investment portfolio, making the stock its 20th biggest holding. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $6,174,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Aberdeen Group plc increased its position in shares of Freeport-McMoRan by 7.4% in the 2nd quarter. Aberdeen Group plc now owns 1,915,539 shares of the natural resource company’s stock valued at $83,948,000 after acquiring an additional 131,422 shares during the period. Zullo Investment Group Inc. increased its position in shares of Freeport-McMoRan by 3.3% in the 2nd quarter. Zullo Investment Group Inc. now owns 14,385 shares of the natural resource company’s stock valued at $624,000 after acquiring an additional 457 shares during the period. Strengthening Families & Communities LLC increased its position in shares of Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after acquiring an additional 261 shares during the period. Strong Tower Advisory Services increased its position in shares of Freeport-McMoRan by 0.5% in the 2nd quarter. Strong Tower Advisory Services now owns 203,604 shares of the natural resource company’s stock valued at $8,826,000 after acquiring an additional 941 shares during the period. Finally, PDS Planning Inc increased its position in shares of Freeport-McMoRan by 13.2% in the 2nd quarter. PDS Planning Inc now owns 8,226 shares of the natural resource company’s stock valued at $357,000 after acquiring an additional 961 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on FCX. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target on the stock in a report on Thursday, September 25th. Finally, Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Trading Down 5.5%

FCX stock opened at $40.92 on Friday. The company’s 50-day simple moving average is $42.51 and its 200-day simple moving average is $40.55. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.28. The firm has a market cap of $58.74 billion, a P/E ratio of 31.00, a PEG ratio of 0.97 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

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.