Freeport-McMoRan Inc. $FCX Shares Sold by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 12.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,835 shares of the natural resource company’s stock after selling 1,679 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Freeport-McMoRan were worth $513,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $33,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the period. CKW Financial Group acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $42,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FCX. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, September 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Saturday, September 27th. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Dbs Bank lowered their price objective on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.74.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.66 on Friday. The firm’s 50 day simple moving average is $42.47 and its 200-day simple moving average is $40.54. The company has a market cap of $56.94 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 0.72 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $51.19.

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

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company 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.