iA Global Asset Management Inc. Sells 5,736 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

iA Global Asset Management Inc. trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 41.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,951 shares of the natural resource company’s stock after selling 5,736 shares during the quarter. iA Global Asset Management Inc.’s holdings in Freeport-McMoRan were worth $386,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of FCX. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $26,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $26,000. RFP Financial Group LLC lifted its holdings in shares of Freeport-McMoRan by 261.3% during the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 426 shares during the last quarter. POM Investment Strategies LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $31,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Freeport-McMoRan by 209.9% during the second quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock valued at $32,000 after purchasing an additional 445 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCX shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Raymond James lowered their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Finally, BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Five research 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.00.

Freeport-McMoRan Price Performance

Shares of FCX opened at $44.28 on Friday. The firm has a market cap of $63.61 billion, a PE ratio of 39.19, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $45.92 and a two-hundred day simple moving average of $46.73. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.36%. Freeport-McMoRan’s dividend payout ratio is currently 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.