Freeport-McMoRan Inc. $FCX Shares Sold by Brave Asset Management Inc.

Brave Asset Management Inc. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 27.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,050 shares of the natural resource company’s stock after selling 2,699 shares during the period. Brave Asset Management Inc.’s holdings in Freeport-McMoRan were worth $306,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. City Holding Co. acquired a new position in Freeport-McMoRan during the first quarter worth $33,000. Dagco Inc. acquired a new position in Freeport-McMoRan during the first quarter worth $37,000. CKW Financial Group acquired a new position in Freeport-McMoRan during the first quarter worth $40,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the first quarter worth $42,000. Finally, Wolff Wiese Magana LLC boosted its stake in Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock worth $44,000 after buying an additional 319 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX opened at $35.38 on Friday. The stock’s 50-day moving average price is $43.28 and its 200 day moving average price is $40.53. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a market cap of $50.80 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 0.70 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the prior year, the company earned $0.46 EPS. Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current 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 dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.7%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCX. Raymond James Financial lowered their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday. Royal Bank Of Canada upped their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research note on Wednesday, June 4th. Scotiabank reaffirmed a “sector perform” rating and issued a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a research note on Wednesday. Finally, Stifel Nicolaus assumed 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, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Freeport-McMoRan Company 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.