Eagle Asset Management Inc. Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Eagle Asset Management Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 69.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,229 shares of the natural resource company’s stock after selling 165,786 shares during the quarter. Eagle Asset Management Inc.’s holdings in Freeport-McMoRan were worth $2,643,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FCX. HWG Holdings LP purchased a new position in Freeport-McMoRan in the second quarter valued at $25,000. Mizuho Securities Co. Ltd. increased its holdings in Freeport-McMoRan by 120.4% in the first quarter. Mizuho Securities Co. Ltd. now owns 787 shares of the natural resource company’s stock valued at $26,000 after buying an additional 430 shares during the last quarter. Joseph P. Lucia & Associates LLC increased its holdings in Freeport-McMoRan by 250.0% in the second quarter. Joseph P. Lucia & Associates LLC now owns 700 shares of the natural resource company’s stock valued at $26,000 after buying an additional 500 shares during the last quarter. Solstein Capital LLC acquired a new position in Freeport-McMoRan in the first quarter valued at $37,000. Finally, Montag A & Associates Inc. acquired a new position in Freeport-McMoRan in the second quarter valued at $37,000. 76.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:FCX opened at $32.24 on Friday. The company has a quick ratio of 1.52, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market cap of $47.33 billion, a P/E ratio of 16.88 and a beta of 2.08. Freeport-McMoRan Inc. has a 52 week low of $14.77 and a 52 week high of $46.10. The company has a 50-day moving average price of $35.29 and a 200 day moving average price of $36.85.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 22nd. The natural resource company reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.02. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.83 billion. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The firm’s revenue was up 88.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.96 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 15th will be given a $0.075 dividend. The ex-dividend date is Thursday, October 14th. This represents a $0.30 dividend on an annualized basis and a yield of 0.93%. Freeport-McMoRan’s payout ratio is currently 55.56%.

Several equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price objective for the company. in a research note on Thursday, August 26th. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $38.00 to $36.50 and set an “equal weight” rating for the company in a research note on Friday, July 23rd. Raymond James set a $47.00 price objective on shares of Freeport-McMoRan and gave the company an “outperform” rating in a research note on Friday, July 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Freeport-McMoRan from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, September 16th. Finally, Exane BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating in a research note on Friday, June 4th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $38.72.

Freeport-McMoRan Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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