Parkside Investments LLC Sells 5,786 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Parkside Investments LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,124 shares of the natural resource company’s stock after selling 5,786 shares during the quarter. Freeport-McMoRan makes up approximately 2.1% of Parkside Investments LLC’s portfolio, making the stock its 11th biggest position. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $11,365,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. America First Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $25,000. Fairfield Bush & CO. bought a new stake in Freeport-McMoRan during the 1st quarter valued at $26,000. KB Financial Partners LLC acquired a new position in Freeport-McMoRan during the first quarter worth $26,000. ICA Group Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at $28,000. Finally, GPS Wealth Strategies Group LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at about $34,000. 77.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. StockNews.com assumed coverage on Freeport-McMoRan in a research note on Thursday, August 17th. They set a “hold” rating for the company. Scotiabank decreased their price target on Freeport-McMoRan from $49.00 to $48.00 in a report on Tuesday, July 25th. Stifel Nicolaus cut their price objective on shares of Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, August 22nd. 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. Finally, Sanford C. Bernstein began coverage on Freeport-McMoRan in a research report on Thursday, June 29th. They set a “market perform” rating and a $41.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $39.96.

Freeport-McMoRan Trading Up 0.0 %

Shares of FCX traded up $0.01 during trading hours on Friday, reaching $40.69. 4,564,140 shares of the company traded hands, compared to its average volume of 11,961,462. Freeport-McMoRan Inc. has a 12 month low of $26.03 and a 12 month high of $46.73. The company has a quick ratio of 1.72, a current ratio of 2.94 and a debt-to-equity ratio of 0.36. The company’s fifty day moving average price is $40.89 and its two-hundred day moving average price is $39.32. The company has a market capitalization of $58.33 billion, a price-to-earnings ratio of 28.06 and a beta of 2.07.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.61 billion. Freeport-McMoRan had a net margin of 9.63% and a return on equity of 9.45%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.62 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.69%.

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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.