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

Inspire Investing LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 146,029 shares of the natural resource company’s stock after acquiring an additional 10,176 shares during the quarter. Freeport-McMoRan comprises about 0.7% of Inspire Investing LLC’s portfolio, making the stock its 25th biggest position. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $5,529,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC grew its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock worth $20,565,000 after acquiring an additional 115,552 shares in the last quarter. Bison Wealth LLC boosted its holdings in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares in the last quarter. OMERS ADMINISTRATION Corp grew its stake in shares of Freeport-McMoRan by 20.4% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 59,960 shares of the natural resource company’s stock worth $2,283,000 after acquiring an additional 10,167 shares during the last quarter. Finally, Numerai GP LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $256,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday, July 24th. Citigroup lifted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Bank of America reissued a “neutral” rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada raised their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Freeport-McMoRan Stock Up 2.2%

NYSE:FCX opened at $45.86 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company’s fifty day moving average price is $43.69 and its 200-day moving average price is $40.06. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The firm has a market capitalization of $65.84 billion, a P/E ratio of 34.74, a PEG ratio of 0.85 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

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.