Ring Mountain Capital LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Ring Mountain Capital LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,405 shares of the natural resource company’s stock after selling 743 shares during the period. Ring Mountain Capital LLC’s holdings in Freeport-McMoRan were worth $583,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $26,000. Coppell Advisory Solutions LLC lifted its position in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $33,000. Bernard Wealth Management Corp. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $35,000. Finally, Murphy & Mullick Capital Management Corp acquired a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $40,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares of the company’s stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, April 14th. Raymond James Financial reissued an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $45.00 to $54.00 in a report on Tuesday. Royal Bank Of Canada increased their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.71.

Freeport-McMoRan Stock Down 0.2%

Shares of Freeport-McMoRan stock opened at $44.38 on Friday. The firm has a market cap of $63.77 billion, a price-to-earnings ratio of 36.68, a P/E/G ratio of 0.82 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The stock has a 50-day simple moving average of $41.67 and a 200-day simple moving average of $38.70.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. Freeport-McMoRan’s dividend payout ratio is currently 24.79%.

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.