Sapient Capital LLC Sells 231,835 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sapient Capital LLC trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 96.3% during the third quarter, Holdings Channel.com reports. The firm 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 reporting period.

Several other large investors have also bought and sold shares of the business. Truist Financial Corp increased its position in shares of Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after acquiring an additional 25,214 shares in the last quarter. Norden Group LLC increased its position in shares of Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after acquiring an additional 236,891 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares in the last quarter. SageView Advisory Group LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth $770,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Freeport-McMoRan by 0.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,575,357 shares of the natural resource company’s stock valued at $168,113,000 after purchasing an additional 16,040 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $48.87 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. 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 50-day moving average of $44.91 and a 200-day moving average of $47.88. The stock has a market cap of $70.20 billion, a PE ratio of 43.25, a P/E/G ratio of 2.03 and a beta of 1.90.

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

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analysts Set New Price Targets

FCX has been the subject of a number of analyst reports. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank raised their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 8th. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Freeport-McMoRan 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.