Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Sandbar Asset Management LLP

Sandbar Asset Management LLP trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 27.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,261 shares of the natural resource company’s stock after selling 7,139 shares during the period. Freeport-McMoRan comprises 2.1% of Sandbar Asset Management LLP’s holdings, making the stock its 22nd largest position. Sandbar Asset Management LLP’s holdings in Freeport-McMoRan were worth $770,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of FCX. FMR LLC boosted its holdings in Freeport-McMoRan by 2.6% during the first quarter. FMR LLC now owns 105,191,820 shares of the natural resource company’s stock worth $4,303,397,000 after buying an additional 2,667,362 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 1.7% during the 2nd quarter. Fisher Asset Management LLC now owns 54,842,377 shares of the natural resource company’s stock worth $2,193,695,000 after acquiring an additional 895,617 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after purchasing an additional 472,160 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 7.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 21,659,892 shares of the natural resource company’s stock worth $866,396,000 after purchasing an additional 1,574,761 shares during the period. Finally, Morgan Stanley boosted its position in Freeport-McMoRan by 4.8% during the fourth quarter. Morgan Stanley now owns 16,533,638 shares of the natural resource company’s stock worth $628,278,000 after purchasing an additional 753,458 shares in the last quarter. 77.96% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.56 during midday trading on Tuesday, hitting $37.21. 5,536,992 shares of the company’s stock were exchanged, compared to its average volume of 11,694,293. The firm’s 50 day simple moving average is $36.04 and its 200 day simple moving average is $38.08. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $46.73. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.67 and a current ratio of 2.90. The stock has a market cap of $53.36 billion, a price-to-earnings ratio of 24.76 and a beta of 2.06.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 19th. The natural resource company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. Freeport-McMoRan had a net margin of 9.50% and a return on equity of 9.98%. The company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter last year, the business earned $0.26 EPS. The business’s revenue was up 16.4% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.45 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 20.27%.

Analysts Set New Price Targets

Several equities research analysts recently commented on FCX shares. Morgan Stanley cut their price target on shares of Freeport-McMoRan from $44.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, October 20th. JPMorgan Chase & Co. started coverage on Freeport-McMoRan in a research report on Tuesday, October 17th. They issued a “neutral” rating and a $42.00 target price on the stock. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday, October 20th. Raymond James cut their price target on shares of Freeport-McMoRan from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Friday, October 20th. Finally, Scotiabank reduced their price target on Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $42.50.

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, 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.