Goehring & Rozencwajg Associates LLC Sells 114,332 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Goehring & Rozencwajg Associates cut its Freeport-McMoRan stake by 48.1% in the first quarter, selling 114,332 shares and ending with 123,252 shares valued at about $7.25 million.
• Wall Street sentiment remains constructive: several analysts recently raised price targets, and the stock currently carries a consensus rating of “Moderate Buy” with an average target price of $68.77.
• Freeport-McMoRan posted solid quarterly results, beating earnings and revenue expectations with EPS of $0.57 on $6.23 billion in revenue, while also declaring a quarterly dividend of $0.075 per share.

Goehring & Rozencwajg Associates LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 48.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 123,252 shares of the natural resource company's stock after selling 114,332 shares during the quarter. Goehring & Rozencwajg Associates LLC's holdings in Freeport-McMoRan were worth $7,245,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC increased its stake in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. raised its holdings in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock worth $539,000 after buying an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC raised its holdings in shares of Freeport-McMoRan by 42.7% during the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock worth $2,172,000 after buying an additional 14,992 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of several research analyst reports. BNP Paribas Exane raised 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. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Raymond James Financial decreased their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Finally, UBS Group upped their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average price target of $68.77.

Freeport-McMoRan Price Performance

Shares of FCX opened at $61.00 on Thursday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $87.69 billion, a PE ratio of 32.45, a PEG ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The business has a 50-day simple moving average of $63.97 and a two-hundred day simple moving average of $61.93.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same period in the previous year, the business posted $0.24 earnings per share. The business's quarterly revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is 15.96%.

Freeport-McMoRan Company 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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