Freeport-McMoRan Inc. $FCX Shares Purchased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 46.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,982 shares of the natural resource company’s stock after acquiring an additional 5,742 shares during the period. Sagespring Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of FCX. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after buying an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares during the period. Amundi increased its stake in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after acquiring an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after acquiring an additional 1,815,285 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $41.76 on Thursday. The company’s fifty day moving average price is $42.63 and its 200 day moving average price is $40.60. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The stock has a market capitalization of $59.96 billion, a P/E ratio of 31.64, a P/E/G ratio of 0.96 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (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 firm had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter last year, the company earned $0.46 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities 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 disclosed 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 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft cut their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. BNP Paribas Exane dropped their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Morgan Stanley dropped their target price on Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.56.

About Freeport-McMoRan

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.