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

Griffin Asset Management Inc. decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 105,167 shares of the natural resource company’s stock after selling 862 shares during the quarter. Griffin Asset Management Inc.’s holdings in Freeport-McMoRan were worth $5,111,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FCX. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $26,000. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the second quarter worth about $26,000. Jones Financial Companies Lllp lifted its position in shares of Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $32,000. Finally, Versant Capital Management Inc raised its position in shares of Freeport-McMoRan by 209.9% during the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 445 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX traded down $0.59 during trading hours on Thursday, hitting $43.30. The company had a trading volume of 7,143,099 shares, compared to its average volume of 13,446,859. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm has a 50 day simple moving average of $46.46 and a 200 day simple moving average of $46.43. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a market capitalization of $62.20 billion, a price-to-earnings ratio of 38.35, a PEG ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.39%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Argus increased their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.67.

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.