Bayforest Capital Ltd Lowers Position in Freeport-McMoRan Inc. $FCX

Bayforest Capital Ltd reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 57.8% during the second quarter, HoldingsChannel reports. The firm owned 1,665 shares of the natural resource company’s stock after selling 2,283 shares during the period. Bayforest Capital Ltd’s holdings in Freeport-McMoRan were worth $72,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Strengthening Families & Communities LLC lifted its holdings in shares of Freeport-McMoRan by 0.6% during the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after acquiring an additional 261 shares during the last quarter. Kestra Private Wealth Services LLC boosted its holdings in shares of Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock worth $2,348,000 after purchasing an additional 275 shares in the last quarter. Princeton Capital Management LLC increased its position in shares of Freeport-McMoRan by 1.1% during the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after purchasing an additional 275 shares during the last quarter. Capital Investment Advisory Services LLC raised its holdings in shares of Freeport-McMoRan by 3.2% during the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after buying an additional 278 shares in the last quarter. Finally, Capital Analysts LLC raised its holdings in shares of Freeport-McMoRan by 12.5% during the 1st quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company’s stock valued at $96,000 after buying an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $41.18 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $42.64 and a 200-day moving average of $40.65. The firm has a market cap of $59.12 billion, a P/E ratio of 31.20, a P/E/G ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12.

Freeport-McMoRan (NYSE:FCX) last released 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. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business 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 $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s payout ratio is 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several research reports. CICC Research cut their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research note on Friday, September 26th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, September 24th. Scotiabank reissued a “sector perform” rating and issued a $45.00 price target (down from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Deutsche Bank Aktiengesellschaft reduced their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, October 2nd. Finally, Johnson Rice lowered their target price on Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $46.90.

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.