Hexagon Capital Partners LLC Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Hexagon Capital Partners LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,675 shares of the natural resource company’s stock after selling 347 shares during the period. Hexagon Capital Partners LLC’s holdings in Freeport-McMoRan were worth $81,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Tompkins Financial Corp boosted its position in Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares during the period. Proficio Capital Partners LLC grew its position in shares of Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after buying an additional 207 shares in the last quarter. Kingsview Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after buying an additional 214 shares during the period. Finally, MV Capital Management Inc. raised its holdings in shares of Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 221 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $49.50 to $62.00 in a report on Friday, June 21st. Scotiabank lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a report on Wednesday, July 24th. Raymond James cut their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.01 during trading hours on Friday, reaching $41.05. 9,181,998 shares of the company traded hands, compared to its average volume of 13,702,303. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business has a fifty day moving average price of $47.61 and a 200-day moving average price of $46.26. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The stock has a market capitalization of $58.97 billion, a P/E ratio of 36.33, a P/E/G ratio of 2.07 and a beta of 1.92.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 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.