Rhumbline Advisers Sells 24,451 Shares of Freeport-McMoRan Inc. $FCX

Rhumbline Advisers lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,470,005 shares of the natural resource company’s stock after selling 24,451 shares during the quarter. Rhumbline Advisers’ holdings in Freeport-McMoRan were worth $107,075,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FCX. Dagco Inc. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth about $37,000. Beacon Capital Management LLC grew its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares during the last quarter. CKW Financial Group acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $40,000. Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the 1st quarter worth approximately $42,000. Finally, Hilltop National Bank acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $43,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.81 on Friday. The company has a market capitalization of $57.16 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The business has a 50 day simple moving average of $41.09 and a 200 day simple moving average of $41.87. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm posted $0.38 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Wednesday, October 8th. CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Finally, Scotiabank upgraded shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and reduced their target price for the company from $51.00 to $47.00 in a research note on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $46.73.

About Freeport-McMoRan

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.