Empowered Funds LLC Sells 135,329 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Empowered Funds LLC reduced its Freeport-McMoRan stake by 24.1% in the first quarter, selling 135,329 shares and retaining 426,281 shares valued at approximately $25.1 million.
• Freeport-McMoRan reported quarterly EPS of $0.74, exceeding the $0.62 consensus estimate, while revenue reached $7.03 billion. However, revenue declined 7.3% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $70.27, compared with the stock’s reported price of $61.58; the company also declared a quarterly dividend of $0.075 per share.

Empowered Funds LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 426,281 shares of the natural resource company's stock after selling 135,329 shares during the period. Empowered Funds LLC's holdings in Freeport-McMoRan were worth $25,057,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan during the fourth quarter valued at about $25,000. Steph & Co. boosted its holdings in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, SHP Wealth Management purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $30,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

FCX stock opened at $61.58 on Wednesday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market cap of $88.53 billion, a P/E ratio of 30.34, a PEG ratio of 0.64 and a beta of 1.37. The firm has a 50-day moving average of $63.68 and a 200 day moving average of $62.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan's quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.54 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.74 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. Raymond James Financial lowered their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating for the company in a report on Friday, April 24th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. BNP Paribas Exane increased their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Finally, Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average target price of $70.27.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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