Inspire Investing LLC Sells 31,676 Shares of Freeport-McMoRan Inc. $FCX

Inspire Investing LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 18.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,917 shares of the natural resource company’s stock after selling 31,676 shares during the period. Freeport-McMoRan makes up approximately 0.6% of Inspire Investing LLC’s holdings, making the stock its 21st biggest position. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $7,208,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV boosted its stake in Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Freeport-McMoRan in the 4th quarter worth about $8,857,000. Wellington Management Group LLP lifted its stake in Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares during the period. Dynamic Technology Lab Private Ltd lifted its stake in Freeport-McMoRan by 426.3% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 81,892 shares of the natural resource company’s stock valued at $3,212,000 after acquiring an additional 66,331 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. lifted its stake in Freeport-McMoRan by 175.4% during the 4th quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock valued at $70,078,000 after acquiring an additional 878,760 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FCX. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a research note on Monday. HSBC upped their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Finally, Jefferies Financial Group upped their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.31.

Freeport-McMoRan Price Performance

NYSE FCX opened at $68.95 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The firm has a market capitalization of $99.12 billion, a P/E ratio of 36.67, a PEG ratio of 0.86 and a beta of 1.35. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $64.74 and a 200-day moving average price of $59.77.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.