Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Greenline Partners LLC

Greenline Partners LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 36.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,242 shares of the natural resource company’s stock after selling 54,944 shares during the quarter. Greenline Partners LLC’s holdings in Freeport-McMoRan were worth $4,611,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FCX. Hazlett Burt & Watson Inc. grew its position in Freeport-McMoRan by 1,170.7% in the second 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 in the last quarter. Spectrum Wealth Counsel LLC purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $25,000. LRI Investments LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at approximately $26,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FCX shares. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James reduced their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank reduced their price objective 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. Finally, Morgan Stanley reduced their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $52.79.

Freeport-McMoRan Stock Performance

FCX stock opened at $44.53 on Friday. 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 stock has a market capitalization of $63.97 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The stock’s fifty day moving average is $43.55 and its two-hundred day moving average is $47.16.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Monday, July 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.