Matthews International Capital Management LLC Sells 1,450 Shares of Freeport-McMoRan Inc. $FCX

Matthews International Capital Management LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,368 shares of the natural resource company’s stock after selling 1,450 shares during the period. Matthews International Capital Management LLC’s holdings in Freeport-McMoRan were worth $363,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. HSBC decreased their price target on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating for the company in a report on Thursday, September 25th. Raymond James Financial dropped their price target on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Clarkson Capital reaffirmed a “neutral” rating and set a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Stifel Nicolaus started coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective for the company. Finally, Royal Bank Of Canada reduced their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $46.74.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $39.66 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock’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 P/E/G ratio of 0.71 and a beta of 1.58. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-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 (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced 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. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.