Freeport-McMoRan Inc. (NYSE:FCX) Position Reduced by Sapient Capital LLC

Sapient Capital LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 96.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,840 shares of the natural resource company’s stock after selling 231,835 shares during the period. Sapient Capital LLC’s holdings in Freeport-McMoRan were worth $441,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Syon Capital LLC grew its position in Freeport-McMoRan by 33.2% in the fourth quarter. Syon Capital LLC now owns 11,289 shares of the natural resource company’s stock worth $481,000 after buying an additional 2,815 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $43,000. ICA Group Wealth Management LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $77,000. Leo Wealth LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $289,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Freeport-McMoRan by 53.1% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 72,206 shares of the natural resource company’s stock valued at $3,074,000 after acquiring an additional 25,056 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

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

Freeport-McMoRan Stock Down 2.3 %

Freeport-McMoRan stock opened at $48.87 on Tuesday. The firm has a market cap of $70.20 billion, a price-to-earnings ratio of 43.25, a P/E/G ratio of 2.03 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a fifty day moving average price of $44.91 and a two-hundred day moving average price of $47.88.

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

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.