Freeport-McMoRan Inc. $FCX Shares Sold by Easterly Investment Partners LLC

Key Points

• Easterly Investment Partners LLC reduced its holdings in Freeport-McMoRan by 14.3%, resulting in ownership of 185,753 shares valued at over $8 million.
• Freeport-McMoRan reported an earnings per share (EPS) of $0.54 for the last quarter, exceeding analyst expectations and showing a year-over-year revenue increase of 14.5%.
• The company declared a $0.15 quarterly dividend to be paid on November 3rd, with a current annualized yield of 1.4%.

Easterly Investment Partners LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 185,753 shares of the natural resource company's stock after selling 30,977 shares during the period. Easterly Investment Partners LLC's holdings in Freeport-McMoRan were worth $8,052,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.5% in the 1st 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 boosted its position in shares of Freeport-McMoRan by 17.8% in the 1st 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 boosted its position in shares of Freeport-McMoRan by 28.1% in the 1st 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 boosted its position in shares of Freeport-McMoRan by 13.7% in the 1st 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 boosted its position in shares of Freeport-McMoRan by 16.0% in the 1st 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 currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 0.1%

FCX opened at $41.66 on Friday. The firm has a 50 day moving average price of $42.65 and a 200 day moving average price of $40.62. The company has a market cap of $59.81 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. Sell-side analysts expect 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 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 of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FCX. Johnson Rice reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a report on Wednesday, October 8th. Citigroup upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 target price on the stock in a report on Wednesday, October 8th. Dbs Bank reduced their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $46.90.

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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