Infrastructure Capital Advisors LLC Reduces Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Infrastructure Capital Advisors LLC cut its Freeport-McMoRan position by 43.5% in the first quarter, selling 27,950 shares and retaining 36,273 shares valued at approximately $2.13 million. Institutional investors collectively own 80.77% of FCX.
• Analysts remain broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $70.27; several firms recently raised targets to $75–$80.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in EPS versus the $0.62 consensus and $7.03 billion in revenue, while declaring a quarterly dividend of $0.075 per share.

Infrastructure Capital Advisors LLC lessened its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 43.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,273 shares of the natural resource company's stock after selling 27,950 shares during the period. Infrastructure Capital Advisors LLC's holdings in Freeport-McMoRan were worth $2,132,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Glen Eagle Advisors LLC grew its stake in shares of Freeport-McMoRan by 50.1% in the first quarter. Glen Eagle Advisors LLC now owns 3,637 shares of the natural resource company's stock worth $214,000 after purchasing an additional 1,214 shares during the last quarter. Excelsior Advisor Network LLC purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $205,000. Quantinno Capital Management LP raised its position in Freeport-McMoRan by 25.0% during the 1st quarter. Quantinno Capital Management LP now owns 655,119 shares of the natural resource company's stock valued at $38,508,000 after purchasing an additional 131,001 shares during the last quarter. Lazard Asset Management LLC raised its position in Freeport-McMoRan by 221.4% during the 1st quarter. Lazard Asset Management LLC now owns 463,166 shares of the natural resource company's stock valued at $27,225,000 after purchasing an additional 319,061 shares during the last quarter. Finally, Castleark Management LLC lifted its holdings in Freeport-McMoRan by 85.1% in the 1st quarter. Castleark Management LLC now owns 3,610 shares of the natural resource company's stock worth $212,000 after buying an additional 1,660 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

FCX has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. HSBC raised their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Bank of America lifted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $62.62 on Tuesday. The stock's 50 day simple moving average is $63.62 and its two-hundred day simple moving average is $62.43. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a market cap of $90.02 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 0.61 and a beta of 1.37. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the firm posted $0.54 earnings per share. The company's revenue for the quarter was down 7.3% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is 14.78%.

About Freeport-McMoRan

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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