Invesco LLC Sells 275 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Invesco LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.7% in the second quarter, Holdings Channel.com reports. The fund owned 10,082 shares of the natural resource company’s stock after selling 275 shares during the period. Invesco LLC’s holdings in Freeport-McMoRan were worth $490,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FCX. LRI Investments LLC bought a new stake in shares of Freeport-McMoRan in the first quarter worth about $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan in the second quarter valued at $26,000. Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. RFP Financial Group LLC grew its stake in shares of Freeport-McMoRan by 261.3% in 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 in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $29,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

FCX opened at $40.40 on Tuesday. The firm has a market capitalization of $58.05 billion, a PE ratio of 35.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The business’s 50-day moving average is $45.00 and its two-hundred day moving average is $46.92. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent research reports. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Scotiabank cut their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Raymond James lowered their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Four investment 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.07.

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.