Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Sargent Investment Group LLC

Sargent Investment Group LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 17.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,095 shares of the natural resource company’s stock after selling 2,160 shares during the period. Sargent Investment Group LLC’s holdings in Freeport-McMoRan were worth $491,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Tompkins Financial Corp increased its position in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Freeport-McMoRan by 0.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after purchasing an additional 203 shares during the period. Proficio Capital Partners LLC raised its stake in shares of Freeport-McMoRan by 0.5% in the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Finally, MV Capital Management Inc. boosted its position in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after buying an additional 221 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FCX shares. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Raymond James decreased their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Scotiabank reduced their price target on 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. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $42.89 on Tuesday. The stock has a 50 day moving average of $44.12 and a two-hundred day moving average of $47.05. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The firm has a market cap of $61.61 billion, a P/E ratio of 37.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the previous year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm 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. This represents a $0.60 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.