Freeport-McMoRan Inc. $FCX Shares Sold by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC has reduced its holdings in Freeport-McMoRan Inc. by 35.4% to 15,594 shares, valued at approximately $676,000.
• In the first quarter, several institutional investors, including Vanguard Group Inc. and Price T Rowe Associates Inc., increased their positions, showcasing strong institutional interest in Freeport-McMoRan.
• Freeport-McMoRan reported quarterly earnings of $0.54 per share, exceeding analysts' expectations, with a revenue of $7.58 billion for the quarter.

Belpointe Asset Management LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 35.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,594 shares of the natural resource company's stock after selling 8,540 shares during the quarter. Belpointe Asset Management LLC's holdings in Freeport-McMoRan were worth $676,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.5% during the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock worth $4,734,101,000 after buying an additional 1,822,987 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after buying an additional 5,661,958 shares in the last quarter. Amundi grew its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Freeport-McMoRan by 16.0% during the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock worth $498,270,000 after buying an additional 1,815,285 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FCX shares. Weiss Ratings reissued a "hold (c)" rating on shares of Freeport-McMoRan in a research report on Wednesday. Stifel Canada raised Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Citigroup raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price target for the company in a report on Wednesday. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the company a "buy" rating in a report on Friday, October 3rd. Finally, Wells Fargo & Company assumed coverage on Freeport-McMoRan in a report on Tuesday. They issued an "overweight" rating and a $47.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $46.37.

Freeport-McMoRan Price Performance

FCX stock opened at $42.85 on Thursday. The company has a market capitalization of $61.52 billion, a P/E ratio of 32.46, a PEG ratio of 0.90 and a beta of 1.58. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $50.28. The business has a 50 day simple moving average of $42.43 and a 200-day simple moving average of $40.56. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company's revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is presently 22.73%.

About Freeport-McMoRan

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.

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