Amalgamated Bank Sells 1,055 Shares of Freeport-McMoRan Inc. $FCX

Amalgamated Bank reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 277,367 shares of the natural resource company’s stock after selling 1,055 shares during the period. Amalgamated Bank’s holdings in Freeport-McMoRan were worth $12,024,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Callan Family Office LLC lifted its stake in Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after purchasing an additional 18,803 shares during the last quarter. Stratos Investment Management LLC lifted its stake in Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock worth $2,443,000 after purchasing an additional 45,458 shares during the last quarter. New York Life Investment Management LLC lifted its stake in Freeport-McMoRan by 11.8% in the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after purchasing an additional 22,766 shares during the last quarter. Bourgeon Capital Management LLC lifted its stake in Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock worth $15,957,000 after purchasing an additional 8,989 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday, October 8th. Finally, Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

Freeport-McMoRan Price Performance

FCX stock opened at $41.72 on Friday. The firm’s 50-day moving average price is $42.55 and its two-hundred day moving average price is $41.28. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.21. The stock has a market capitalization of $59.90 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 0.94 and a beta of 1.58. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s payout ratio is presently 21.13%.

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.