MainStreet Investment Advisors LLC Sells 6,841 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

MainStreet Investment Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 11.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,038 shares of the natural resource company’s stock after selling 6,841 shares during the period. MainStreet Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $2,529,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. LRI Investments LLC acquired a new position in Freeport-McMoRan during the first quarter worth $26,000. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. Jones Financial Companies Lllp lifted its holdings in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. RFP Financial Group LLC boosted its position in Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in Freeport-McMoRan during the second quarter worth about $29,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on FCX. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James decreased their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Four 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. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $40.00 on Friday. The firm’s 50 day moving average price is $45.16 and its two-hundred day moving average price is $46.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The stock has a market cap of $57.46 billion, a PE ratio of 35.40, a PEG ratio of 2.08 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.50%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Freeport-McMoRan 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.