Nisa Investment Advisors LLC Sells 40,899 Shares of Freeport-McMoRan Inc. $FCX

Nisa Investment Advisors LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 11.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 308,284 shares of the natural resource company’s stock after selling 40,899 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $13,364,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan in the first quarter worth $37,000. Beacon Capital Management LLC increased its stake 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 worth $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $42,000. Finally, Hilltop National Bank purchased a new position in shares of Freeport-McMoRan during the second quarter worth about $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.8%

FCX opened at $41.04 on Tuesday. The business has a 50 day simple moving average of $42.54 and a two-hundred day simple moving average of $41.15. The firm has a market capitalization of $58.92 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 0.95 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $6.74 billion. During the same period last year, the company earned $0.38 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed 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 presently 21.13%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FCX. CICC Research lowered their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research note on Friday, September 26th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Wednesday, October 8th. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. BNP Paribas Exane decreased their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a report on Thursday, September 25th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Tuesday, September 30th. Four 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.92.

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.