Founders Financial Alliance LLC Sells 1,195 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Founders Financial Alliance LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,997 shares of the natural resource company’s stock after selling 1,195 shares during the quarter. Founders Financial Alliance LLC’s holdings in Freeport-McMoRan were worth $1,263,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FCX. Tompkins Financial Corp boosted its holdings in shares of Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after buying an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares during the last quarter. Proficio Capital Partners LLC increased its stake in shares of Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Finally, MV Capital Management Inc. lifted its position in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Raymond James raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.93.

Freeport-McMoRan Stock Down 2.8 %

Shares of Freeport-McMoRan stock opened at $49.92 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The stock has a market cap of $71.71 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.89 and a beta of 1.89. The firm’s 50-day moving average is $43.72 and its two-hundred day moving average is $47.57. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its 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 the consensus estimate of $6 billion. During the same period last year, the firm earned $0.35 earnings per share. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.60%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Freeport-McMoRan Company 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.