Prime Capital Investment Advisors LLC Sells 52,307 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Prime Capital Investment Advisors LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 28.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,263 shares of the natural resource company’s stock after selling 52,307 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $6,379,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Capital Research Global Investors grew its holdings in shares of Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Capital International Investors bought a new stake in Freeport-McMoRan during the first quarter worth about $417,752,000. Capital World Investors boosted its holdings in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $197,966,000. Finally, Swedbank AB bought a new stake in shares of Freeport-McMoRan during the first quarter worth $162,464,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $42.66 on Monday. The company has a market capitalization of $61.28 billion, a price-to-earnings ratio of 37.75, a P/E/G ratio of 1.94 and a beta of 1.89. The business’s 50-day moving average price is $44.29 and its two-hundred day moving average price is $47.01. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. 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 earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the previous year, the business posted $0.35 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank lowered their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Freeport-McMoRan Company 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.