Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Zions Bancorporation N.A.

Zions Bancorporation N.A. reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,775 shares of the natural resource company’s stock after selling 2,211 shares during the quarter. Zions Bancorporation N.A.’s holdings in Freeport-McMoRan were worth $232,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Lynx Investment Advisory bought a new position in Freeport-McMoRan during the second quarter valued at approximately $26,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. RFP Financial Group LLC grew 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 worth $29,000 after acquiring an additional 426 shares in the last quarter. Finally, POM Investment Strategies LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $31,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FCX. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Raymond James lowered their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued 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 Stock Up 2.0 %

Shares of NYSE:FCX opened at $42.66 on Friday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a market capitalization of $61.30 billion, a PE ratio of 37.75, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The company has a 50 day moving average price of $44.29 and a two-hundred day moving average price of $46.95.

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

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued 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 1.41%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

About Freeport-McMoRan

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.