United Services Automobile Association Trims Stock Position in Freeport-McMoRan Inc (NYSE:FCX)

United Services Automobile Association lowered its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 7.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 529,565 shares of the natural resource company’s stock after selling 45,260 shares during the period. United Services Automobile Association’s holdings in Freeport-McMoRan were worth $6,148,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Frontier Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 13.1% in the 2nd quarter. Frontier Wealth Management LLC now owns 23,017 shares of the natural resource company’s stock valued at $267,000 after purchasing an additional 2,674 shares in the last quarter. RFG Advisory LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $121,000. Stonebridge Capital Advisors LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $84,000. Doyle Wealth Management purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $42,000. Finally, Nuveen Asset Management LLC increased its stake in shares of Freeport-McMoRan by 14,378.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 10,964,634 shares of the natural resource company’s stock valued at $127,299,000 after purchasing an additional 10,888,904 shares in the last quarter. Institutional investors and hedge funds own 72.60% of the company’s stock.

NYSE:FCX traded down $0.12 during trading hours on Friday, hitting $8.74. 179,722 shares of the stock were exchanged, compared to its average volume of 21,908,288. Freeport-McMoRan Inc has a 52-week low of $8.58 and a 52-week high of $14.68. The firm’s fifty day moving average price is $9.58 and its 200 day moving average price is $11.04. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. The company has a market cap of $13.30 billion, a P/E ratio of 5.76 and a beta of 2.40.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period in the previous year, the business earned $0.59 EPS. Freeport-McMoRan’s quarterly revenue was down 31.4% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc will post 0.13 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.20 annualized dividend and a yield of 2.29%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 13.16%.

Several brokerages recently weighed in on FCX. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, September 23rd. Raymond James restated a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 25th. Deutsche Bank upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $12.50 to $13.50 in a research note on Wednesday, July 10th. Finally, Barclays upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a research note on Tuesday, July 16th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and an average price target of $13.79.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

See Also: Capital Gains

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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