Xponance Inc. Lowers Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Xponance Inc. lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 21.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 191,290 shares of the natural resource company’s stock after selling 52,846 shares during the period. Xponance Inc.’s holdings in Freeport-McMoRan were worth $9,297,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. raised its stake in shares of Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares in the last quarter. Spectrum Wealth Counsel LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $25,000. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $26,000. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth $26,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCX. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, September 18th. Scotiabank decreased their price objective 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. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Four 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $45.14 on Tuesday. 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 market capitalization of $64.84 billion, a P/E ratio of 39.95, a PEG ratio of 1.94 and a beta of 1.89. The stock has a 50-day simple moving average of $43.45 and a two-hundred day simple moving average of $47.26.

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, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 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.