Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Angeles Investment Advisors LLC

Angeles Investment Advisors LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,774 shares of the natural resource company’s stock after selling 460 shares during the period. Angeles Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $232,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FCX. Hazlett Burt & Watson Inc. raised 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. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at $25,000. LRI Investments LLC acquired a new position in Freeport-McMoRan in the 1st quarter valued at $26,000. Lynx Investment Advisory acquired a new position in Freeport-McMoRan in the 2nd quarter valued at $26,000. Finally, Jones Financial Companies Lllp raised its holdings in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.5 %

Freeport-McMoRan stock opened at $42.89 on Tuesday. 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 business’s 50-day simple moving average is $44.12 and its 200-day simple moving average is $47.05. The firm has a market capitalization of $61.61 billion, a PE ratio of 37.96, a PEG ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (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 analyst estimates of $6 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.40%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analysts Set New Price Targets

Several analysts have recently issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $49.50 to $62.00 in a research note on Friday, June 21st. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Scotiabank decreased 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. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.07.

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.