Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,475,144 shares of the natural resource company’s stock after selling 36,775 shares during the quarter. Great Lakes Advisors LLC owned about 0.10% of Freeport-McMoRan worth $71,692,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FCX. Lynx Investment Advisory bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $26,000. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $26,000. RFP Financial Group LLC grew its stake in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after buying an additional 426 shares during the last quarter. POM Investment Strategies LLC bought a new stake in Freeport-McMoRan in the 2nd quarter valued at about $31,000. Finally, Versant Capital Management Inc grew its position in Freeport-McMoRan by 209.9% in the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 445 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $1.40 on Friday, reaching $40.00. 13,200,142 shares of the stock traded hands, compared to its average volume of 13,271,306. The firm has a market cap of $57.46 billion, a price-to-earnings ratio of 35.40, a P/E/G ratio of 2.08 and a beta of 1.89. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock’s 50-day moving average price is $45.16 and its 200-day moving average price is $46.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCX. Scotiabank reduced their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

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.