International Assets Investment Management LLC Has $1.14 Million Position in Freeport-McMoRan Inc. $FCX

International Assets Investment Management LLC decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,235 shares of the natural resource company’s stock after selling 4,921 shares during the quarter. International Assets Investment Management LLC’s holdings in Freeport-McMoRan were worth $1,137,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $37,000. 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 period. CKW Financial Group acquired a new stake in Freeport-McMoRan during the first quarter worth approximately $40,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $42,000. Finally, Hilltop National Bank bought a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective on the stock. Stifel Canada raised Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Finally, CICC Research lowered their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.92.

Freeport-McMoRan Stock Performance

FCX opened at $41.18 on Monday. The firm has a market cap of $59.12 billion, a P/E ratio of 31.20, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.12. 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 business’s fifty day moving average is $42.64 and its 200-day moving average is $40.71.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis 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 22.73%.

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.