Montgomery Investment Management Inc. Sells 7,000 Shares of Freeport-McMoRan Inc. $FCX

Montgomery Investment Management Inc. lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 112,730 shares of the natural resource company’s stock after selling 7,000 shares during the period. Freeport-McMoRan comprises approximately 1.9% of Montgomery Investment Management Inc.’s investment portfolio, making the stock its 18th biggest holding. Montgomery Investment Management Inc.’s holdings in Freeport-McMoRan were worth $4,887,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FCX. Brighton Jones LLC grew its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC grew its holdings in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the period. GAMMA Investing LLC grew its holdings in Freeport-McMoRan by 3,899.8% during the first quarter. GAMMA Investing LLC now owns 863,397 shares of the natural resource company’s stock valued at $32,688,000 after purchasing an additional 841,811 shares during the period. NBC Securities Inc. grew its holdings in Freeport-McMoRan by 109,931.8% during the first quarter. NBC Securities Inc. now owns 24,207 shares of the natural resource company’s stock valued at $916,000 after purchasing an additional 24,185 shares during the period. Finally, Merit Financial Group LLC grew its holdings in Freeport-McMoRan by 37.9% during the first quarter. Merit Financial Group LLC now owns 36,401 shares of the natural resource company’s stock valued at $1,378,000 after purchasing an additional 9,996 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.3%

Shares of NYSE FCX opened at $39.11 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $51.45. The business has a 50-day simple moving average of $42.69 and a two-hundred day simple moving average of $40.54. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market cap of $56.15 billion, a P/E ratio of 29.63, a P/E/G ratio of 0.72 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the business earned $0.46 earnings per share. Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research reports. Royal Bank Of Canada cut their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday. Johnson Rice cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday. BNP Paribas Exane cut their target price on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $45.00 price objective (down from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $46.49.

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.