Inspire Investing LLC Sells 19,587 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Inspire Investing LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 13.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,029 shares of the natural resource company’s stock after selling 19,587 shares during the period. Freeport-McMoRan comprises about 0.6% of Inspire Investing LLC’s holdings, making the stock its 23rd largest holding. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $6,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Capital Research Global Investors increased its position in Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors bought a new position in Freeport-McMoRan during the first quarter worth $417,752,000. Capital World Investors lifted its holdings in Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd bought a new stake in Freeport-McMoRan during the first quarter valued at $197,966,000. Finally, Swedbank AB acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $162,464,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FCX. Scotiabank boosted their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. Raymond James boosted their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Up 1.0 %

Shares of NYSE:FCX opened at $50.03 on Friday. The business’s 50 day moving average is $44.75 and its 200 day moving average is $47.85. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The stock has a market cap of $71.89 billion, a price-to-earnings ratio of 37.90, a PEG ratio of 2.03 and a beta of 1.90. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is 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.