Inspire Investing LLC Decreases Position in Freeport-McMoRan Inc. $FCX

Inspire Investing LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 142,413 shares of the natural resource company’s stock after selling 3,616 shares during the quarter. Freeport-McMoRan comprises approximately 0.7% of Inspire Investing LLC’s portfolio, making the stock its 20th biggest holding. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $6,174,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Beacon Capital Management LLC raised its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $37,000. Hilltop National Bank acquired a new stake in Freeport-McMoRan in the 2nd quarter valued at about $43,000. CKW Financial Group acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 5.5%

Freeport-McMoRan stock opened at $40.92 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $50.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The firm has a 50 day moving average price of $42.51 and a 200 day moving average price of $40.55. The company has a market capitalization of $58.74 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 0.97 and a beta of 1.58.

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

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors 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 is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective for the company in a report on Thursday, September 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Tuesday, September 30th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Wednesday, September 24th. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday. Finally, BNP Paribas Exane cut their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, September 25th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

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.