Inspire Investing LLC Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Inspire Investing LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,616 shares of the natural resource company’s stock after selling 9,529 shares during the quarter. Freeport-McMoRan makes up about 0.8% of Inspire Investing LLC’s investment portfolio, making the stock its 15th biggest position. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $7,077,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FCX. Belpointe Asset Management LLC boosted its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after purchasing an additional 4,703 shares during the period. Fisher Asset Management LLC grew its stake in 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 acquiring an additional 976,592 shares in the last quarter. Oaktree Capital Management LP increased its holdings in Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after acquiring an additional 211,608 shares during the last quarter. Norden Group LLC lifted its stake in Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after purchasing an additional 236,891 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $43.92 on Thursday. The stock has a 50 day moving average price of $43.82 and a 200 day moving average price of $47.06. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. 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 firm has a market capitalization of $63.09 billion, a P/E ratio of 38.87, a P/E/G ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of several research reports. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Scotiabank lowered their target price on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

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.