Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Reduced by Sanibel Captiva Trust Company Inc.

Sanibel Captiva Trust Company Inc. decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,368 shares of the natural resource company’s stock after selling 465 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Freeport-McMoRan were worth $358,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. BigSur Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 4.0% during the second quarter. BigSur Wealth Management LLC now owns 32,500 shares of the natural resource company’s stock valued at $1,580,000 after buying an additional 1,250 shares in the last quarter. SeaCrest Wealth Management LLC lifted its position in shares of Freeport-McMoRan by 8.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 18,439 shares of the natural resource company’s stock worth $896,000 after purchasing an additional 1,420 shares during the last quarter. Sunpointe LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $201,000. Dakota Wealth Management raised its holdings in Freeport-McMoRan by 1.9% in the 2nd quarter. Dakota Wealth Management now owns 97,019 shares of the natural resource company’s stock valued at $4,715,000 after acquiring an additional 1,796 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $3,711,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. Scotiabank cut their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday. UBS Group upped their price objective on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Argus upped their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Bernstein Bank upped their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.67.

Freeport-McMoRan Stock Up 0.6 %

Shares of FCX traded up $0.27 during midday trading on Wednesday, hitting $43.80. The stock had a trading volume of 1,970,840 shares, compared to its average volume of 13,454,519. The company has a 50 day simple moving average of $46.57 and a two-hundred day simple moving average of $46.45. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market cap of $62.92 billion, a price-to-earnings ratio of 38.52, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

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.