Ameriflex Group Inc. Has $299,000 Stake in Freeport-McMoRan Inc. $FCX

Ameriflex Group Inc. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,718 shares of the natural resource company’s stock after selling 474 shares during the period. Ameriflex Group Inc.’s holdings in Freeport-McMoRan were worth $299,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FCX. City Holding Co. acquired a new stake in Freeport-McMoRan in the 1st quarter worth $33,000. Beacon Capital Management LLC grew its position 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 purchasing an additional 327 shares during the last quarter. Dagco Inc. acquired a new stake in Freeport-McMoRan in the 1st quarter worth $37,000. Hilltop National Bank acquired a new stake in Freeport-McMoRan in the 2nd quarter worth $43,000. Finally, CKW Financial Group acquired a new stake in Freeport-McMoRan in the 1st quarter worth $40,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FCX shares. HSBC decreased their price target on shares of Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Thursday, September 25th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Saturday, September 27th. BNP Paribas Exane decreased their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.74.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $39.66 on Friday. 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’s 50-day simple moving average is $42.47 and its 200-day simple moving average is $40.54. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $51.19. The firm has a market cap of $56.94 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 0.71 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last issued 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 business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period in the previous year, the business earned $0.46 EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend 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 currently 22.73%.

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.