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

Cornerstone Advisors LLC decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 64.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,000 shares of the natural resource company’s stock after selling 14,300 shares during the period. Cornerstone Advisors LLC’s holdings in Freeport-McMoRan were worth $389,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in FCX. Belpointe Asset Management LLC grew its stake in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares during the period. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Oaktree Capital Management LP lifted its position in Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after buying an additional 211,608 shares during the period. Norden Group LLC boosted its stake in Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after buying an additional 1,210,833 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Raymond James decreased 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 report on Wednesday, July 24th. Scotiabank lowered 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Trading Up 0.6 %

NYSE FCX opened at $43.13 on Wednesday. The company’s fifty day simple moving average is $44.12 and its 200-day simple moving average is $47.05. The stock has a market cap of $61.96 billion, a P/E ratio of 38.17, 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. 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 posted its quarterly earnings data 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 company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company posted $0.35 EPS. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.39%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 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.