Inspire Investing LLC Buys 10,176 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Inspire Investing LLC increased its stake in Freeport-McMoRan by 7.5%, acquiring an additional 10,176 shares to hold a total of 146,029 shares valued at approximately $5.5 million.
• Freeport-McMoRan reported better-than-expected quarterly earnings, with an EPS of $0.54, surpassing estimates by $0.09 and revenue of $7.58 billion, indicating a 14.5% year-over-year growth.
• Analysts have adjusted their ratings for Freeport-McMoRan, with two Strong Buy ratings, eight Buy ratings, and a current average price target of $51.00.

Inspire Investing LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,029 shares of the natural resource company's stock after purchasing an additional 10,176 shares during the period. Freeport-McMoRan makes up about 0.7% of Inspire Investing LLC's portfolio, making the stock its 25th biggest position. Inspire Investing LLC's holdings in Freeport-McMoRan were worth $5,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Strs Ohio bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $23,631,000. GK Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $235,000. Jacobi Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Jacobi Capital Management LLC now owns 16,675 shares of the natural resource company's stock worth $631,000 after acquiring an additional 1,214 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Freeport-McMoRan by 58.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 11,588 shares of the natural resource company's stock worth $439,000 after acquiring an additional 4,287 shares during the last quarter. Finally, Ransom Advisory Ltd bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $602,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FCX shares. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. BMO Capital Markets decreased their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Trading Up 2.2%

FCX opened at $45.86 on Friday. The stock's fifty day moving average is $43.69 and its two-hundred day moving average is $40.06. The company has a market capitalization of $65.84 billion, a P/E ratio of 34.74, a PEG ratio of 0.85 and a beta of 1.59. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for 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%.Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the business posted $0.46 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 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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