GFG Capital LLC Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

GFG Capital LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,510 shares of the natural resource company’s stock after selling 2,000 shares during the period. GFG Capital LLC’s holdings in Freeport-McMoRan were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of FCX. LRI Investments LLC bought a new stake in Freeport-McMoRan in the first quarter worth $26,000. Lynx Investment Advisory bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $26,000. Jones Financial Companies Lllp boosted its stake in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at about $32,000. Finally, Versant Capital Management Inc raised 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 period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 1.6 %

FCX traded down $0.73 on Tuesday, hitting $43.53. The company had a trading volume of 9,374,276 shares, compared to its average volume of 13,526,185. The stock has a market capitalization of $62.52 billion, a price-to-earnings ratio of 38.52, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock has a fifty day moving average price of $46.57 and a 200-day moving average price of $46.45. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (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 for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 1.38%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analyst Weigh In

FCX has been the subject of several recent analyst reports. Argus boosted their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Raymond James decreased 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. Scotiabank cut their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $52.67.

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.