Freeport-McMoRan Inc. $FCX Shares Sold by Greenwood Capital Associates LLC

Key Points

• Greenwood Capital Associates LLC has reduced its stake in Freeport-McMoRan by 25.3%, now holding 59,836 shares valued at approximately $2.59 million.
• Bank of America upgraded Freeport-McMoRan to a "buy" rating with a price target of $42.00, while Jefferies Financial Group maintained a "buy" rating with a target of $46.00.
• Freeport-McMoRan announced a quarterly dividend of $0.15, with an annualized yield of 1.5%, set to be paid on November 3rd.

Greenwood Capital Associates LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 25.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 59,836 shares of the natural resource company's stock after selling 20,253 shares during the period. Greenwood Capital Associates LLC's holdings in Freeport-McMoRan were worth $2,594,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. City Holding Co. bought a new stake in Freeport-McMoRan in the first quarter valued at about $33,000. Dagco Inc. acquired a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock valued at $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $42,000. Institutional investors own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FCX shares. Bank of America raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Tuesday. Jefferies Financial Group reaffirmed a "buy" rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. CICC Research cut their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating on the stock in a report on Friday, September 26th. Finally, Royal Bank Of Canada decreased their target price on Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating for the company in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $46.47.

Freeport-McMoRan Stock Down 0.6%

FCX opened at $38.86 on Friday. The stock's 50 day moving average price is $42.58 and its 200 day moving average price is $40.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock has a market cap of $55.80 billion, a P/E ratio of 29.44, a P/E/G ratio of 0.71 and a beta of 1.58. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.19.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Freeport-McMoRan 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.

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