Freeport-McMoRan Inc. $FCX Shares Sold by Forum Financial Management LP

Forum Financial Management LP trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,740 shares of the natural resource company’s stock after selling 1,747 shares during the quarter. Forum Financial Management LP’s holdings in Freeport-McMoRan were worth $639,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Beacon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at $37,000. Hilltop National Bank purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at $43,000. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at $42,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX stock opened at $41.34 on Friday. The stock has a 50-day moving average price of $42.55 and a two-hundred day moving average price of $40.97. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The company has a current ratio of 2.45, a quick ratio of 1.21 and a debt-to-equity ratio of 0.29. The company has a market cap of $59.36 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current 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 given a dividend of $0.15 per share. 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 payout ratio is 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent analyst reports. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, September 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, September 30th. Sanford C. Bernstein lowered their price objective on Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $50.00 in a research report on Friday, October 17th. Finally, Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. Four 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.92.

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.