PFG Investments LLC Sells 3,497 Shares of Freeport-McMoRan Inc. $FCX

PFG Investments LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.2% during the second quarter, HoldingsChannel reports. The firm owned 21,155 shares of the natural resource company’s stock after selling 3,497 shares during the quarter. PFG Investments LLC’s holdings in Freeport-McMoRan were worth $917,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Nuveen LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $366,959,000. Amundi lifted its stake in shares of Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its position in shares of Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after purchasing an additional 2,642,810 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 0.6%

Shares of NYSE FCX opened at $38.86 on Friday. The firm’s 50 day moving average price is $42.58 and its 200-day moving average price is $40.54. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $51.19. 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 company has a market cap of $55.80 billion, a PE ratio of 29.44, a P/E/G ratio of 0.71 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FCX. Dbs Bank dropped their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday. HSBC dropped their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research note on Thursday, September 25th. Johnson Rice decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday. Hsbc Global Res cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Finally, Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.47.

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.