Ring Mountain Capital LLC Sells 1,532 Shares of Freeport-McMoRan Inc. $FCX

Ring Mountain Capital LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,873 shares of the natural resource company’s stock after selling 1,532 shares during the period. Ring Mountain Capital LLC’s holdings in Freeport-McMoRan were worth $622,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Callan Family Office LLC boosted its holdings in Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after acquiring an additional 18,803 shares in the last quarter. New York Life Investment Management LLC boosted its holdings in Freeport-McMoRan by 11.8% in the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after acquiring an additional 22,766 shares in the last quarter. Stratos Investment Management LLC increased its holdings in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock worth $2,443,000 after purchasing an additional 45,458 shares in the last quarter. Bourgeon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Freeport-McMoRan by 2.2% in the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after purchasing an additional 8,989 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 4.4%

Shares of NYSE FCX opened at $39.35 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $42.37 and a two-hundred day simple moving average of $41.56. The firm has a market cap of $56.50 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 0.94 and a beta of 1.58. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.21.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.Freeport-McMoRan’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. Analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s payout ratio is 21.13%.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price target for the company from $43.00 to $50.00 in a report on Friday, October 17th. BNP Paribas Exane reduced their price target on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target for the company. CICC Research decreased their price target 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. Finally, Wells Fargo & Company raised Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $47.01.

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.