Inspire Investing LLC Trims Stock Position in Freeport-McMoRan Inc. $FCX

Inspire Investing LLC lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 141,917 shares of the natural resource company’s stock after selling 31,676 shares during the quarter. Freeport-McMoRan makes up approximately 0.6% of Inspire Investing LLC’s investment portfolio, making the stock its 21st largest position. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $7,208,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $29,000. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $38,000. Modus Advisors LLC purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $40,000. Finally, Key Financial Inc increased its holdings in Freeport-McMoRan by 32.3% in the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after acquiring an additional 202 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.7%

Shares of FCX opened at $68.95 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a 50 day simple moving average of $64.74 and a two-hundred day simple moving average of $59.77. The firm has a market cap of $99.12 billion, a P/E ratio of 36.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period last year, the firm posted $0.24 EPS. The company’s revenue was up 8.8% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FCX shares. CICC Research reduced their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. Sanford C. Bernstein increased their target price on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.31.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.