Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,783 shares of the natural resource company’s stock after selling 9,314 shares during the period. Mutual of America Capital Management LLC’s holdings in Freeport-McMoRan were worth $12,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brown Advisory Inc. increased its position in Freeport-McMoRan by 45.0% during the fourth quarter. Brown Advisory Inc. now owns 27,703 shares of the natural resource company’s stock worth $1,179,000 after purchasing an additional 8,602 shares during the last quarter. Gladstone Institutional Advisory LLC increased its holdings in shares of Freeport-McMoRan by 28.7% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 12,456 shares of the natural resource company’s stock worth $530,000 after buying an additional 2,776 shares during the last quarter. Sachetta LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $59,000. D.A. Davidson & CO. raised its position in shares of Freeport-McMoRan by 3.9% during the 4th quarter. D.A. Davidson & CO. now owns 195,941 shares of the natural resource company’s stock valued at $8,341,000 after buying an additional 7,363 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $527,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Raymond James reduced their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, Scotiabank reduced their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Stock Up 1.8 %

Freeport-McMoRan stock opened at $43.92 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two 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 50 day moving average price of $43.97 and a 200 day moving average price of $47.09. The company has a market capitalization of $63.09 billion, a PE ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate 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 net margin of 7.83% and a return on equity of 7.60%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared 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 of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.