Cim Investment Management Inc. Has $2.03 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Cim Investment Management Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% in the second quarter, HoldingsChannel.com reports. The firm owned 41,727 shares of the natural resource company’s stock after selling 337 shares during the quarter. Freeport-McMoRan comprises 0.6% of Cim Investment Management Inc.’s investment portfolio, making the stock its 23rd largest position. Cim Investment Management Inc.’s holdings in Freeport-McMoRan were worth $2,028,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCX. Scotiabank cut their price target on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft increased their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Royal Bank of Canada restated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Five equities research 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.com, the company has an average rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Trading Down 1.1 %

Shares of NYSE:FCX opened at $51.34 on Friday. The firm has a market cap of $73.77 billion, a price-to-earnings ratio of 45.43, a PEG ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company’s fifty day simple moving average is $43.65 and its 200 day simple moving average is $47.44. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released 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. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.35 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 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.