Inspire Trust Co. N.A. Boosts Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Inspire Trust Co. N.A. increased its holdings in Freeport-McMoRan Inc. by 31.5%, bringing its total to 45,000 shares valued at approximately $1.70 million.
• Several brokerages have adjusted their price targets for Freeport-McMoRan, with JPMorgan Chase raising it from $42.00 to $56.00 and maintaining an "overweight" rating.
• Freeport-McMoRan recently declared a quarterly dividend of $0.15 per share, signifying a dividend yield of 1.4% and a payout ratio of 22.73%.

Inspire Trust Co. N.A. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,000 shares of the natural resource company's stock after acquiring an additional 10,780 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Freeport-McMoRan were worth $1,704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Nuveen LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $366,959,000. Price T Rowe Associates Inc. MD increased its position in shares of Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after buying an additional 5,735,171 shares in the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoRan by 13.7% during 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 purchasing an additional 2,642,810 shares in the last quarter. Phoenix Financial Ltd. increased its position in Freeport-McMoRan by 1,354.9% during the 1st quarter. Phoenix Financial Ltd. now owns 2,641,129 shares of the natural resource company's stock worth $100,001,000 after purchasing an additional 2,459,598 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Freeport-McMoRan by 21.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 11,968,781 shares of the natural resource company's stock valued at $453,138,000 after buying an additional 2,133,846 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.79% of the stock is owned by insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $0.6050 during mid-day trading on Tuesday, hitting $41.1450. 2,331,950 shares of the stock traded hands, compared to its average volume of 15,813,260. The company has a market cap of $59.07 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 0.80 and a beta of 1.63. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The firm has a 50 day simple moving average of $43.00 and a two-hundred day simple moving average of $39.30. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results 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. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the business earned $0.46 EPS. The business's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FCX shares. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Stifel Nicolaus began coverage on Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price objective on the stock. Finally, Scotiabank lifted their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

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.