Belpointe Asset Management LLC Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Belpointe Asset Management LLC reduced its holdings in Freeport-McMoRan Inc. by 31.1%, selling 10,870 shares and now owning 24,134 shares valued at $914,000.
• Several institutional investors are increasing their stakes in Freeport-McMoRan, with notable increases of 238.5% from Stratos Investment Management LLC and 527.9% from Financial Sense Advisors Inc. in the first quarter.
• Freeport-McMoRan recently reported a quarterly earnings per share (EPS) of $0.54, exceeding analysts' estimates of $0.45, and announced a quarterly dividend of $0.15 per share.

Belpointe Asset Management LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 31.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,134 shares of the natural resource company's stock after selling 10,870 shares during the quarter. Belpointe Asset Management LLC's holdings in Freeport-McMoRan were worth $914,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. City Holding Co. acquired a new position in Freeport-McMoRan during the 1st quarter worth about $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $37,000. CKW Financial Group bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $42,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded up $0.92 during midday trading on Monday, reaching $45.64. The company's stock had a trading volume of 12,668,515 shares, compared to its average volume of 10,737,650. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a 50 day moving average price of $43.68 and a 200-day moving average price of $40.21. The stock has a market capitalization of $65.53 billion, a P/E ratio of 34.58, a PEG ratio of 0.85 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the business earned $0.46 EPS. The company's revenue was up 14.5% 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio is presently 22.73%.

Analysts Set New Price Targets

FCX has been the subject of a number of research analyst reports. Citigroup boosted their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Finally, Bank of America reissued a "neutral" rating and set a $56.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

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.