Goehring & Rozencwajg Associates LLC Has $7.25 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Goehring & Rozencwajg Associates LLC trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 48.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,252 shares of the natural resource company’s stock after selling 114,332 shares during the quarter. Goehring & Rozencwajg Associates LLC’s holdings in Freeport-McMoRan were worth $7,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $25,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at $29,000. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the period. SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $30,000. Finally, JPL Wealth Management LLC bought a new position in Freeport-McMoRan during the third quarter worth $33,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.5%

FCX opened at $61.00 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a market cap of $87.69 billion, a P/E ratio of 32.45, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The company has a fifty day moving average price of $63.97 and a two-hundred day moving average price of $61.93.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 EPS. Analysts predict that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCX. Morgan Stanley upped their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. BMO Capital Markets lifted their price objective on Freeport-McMoRan from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Weiss Ratings lowered Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, July 7th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Finally, The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.77.

About Freeport-McMoRan

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.