Parsons Capital Management Inc. RI Sells 24,692 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Parsons Capital Management Inc. reduced its holdings in Freeport-McMoRan Inc. by 64.7%, selling 24,692 shares in the second quarter, leaving them with 13,444 shares valued at $583,000.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, surpassing analyst expectations of $0.45, with revenue increasing by 14.5% year-over-year to $7.58 billion.
• The company declared a quarterly dividend of $0.15, resulting in an annualized yield of 1.5%, with a payout ratio of 22.73% for shareholders of record as of October 15th.

Parsons Capital Management Inc. RI reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 64.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,444 shares of the natural resource company's stock after selling 24,692 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Freeport-McMoRan were worth $583,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FCX. City Holding Co. bought a new stake in Freeport-McMoRan in the first quarter worth approximately $33,000. Dagco Inc. bought a new stake in Freeport-McMoRan in the first quarter worth approximately $37,000. Beacon Capital Management LLC increased its holdings in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares in the last quarter. CKW Financial Group bought a new stake in Freeport-McMoRan in the first quarter worth approximately $40,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in Freeport-McMoRan in the first quarter worth approximately $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 0.6%

Shares of NYSE:FCX opened at $38.86 on Friday. The stock has a market cap of $55.80 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 0.71 and a beta of 1.58. 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 Inc. has a 12-month low of $27.66 and a 12-month high of $51.19. The business's 50 day moving average is $42.58 and its 200 day moving average is $40.54.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for 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%.Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Clarkson Capital restated a "neutral" rating and set a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $56.00 to $46.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. Deutsche Bank Aktiengesellschaft decreased their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a "buy" rating for the company in a report on Thursday. Finally, BNP Paribas Exane decreased their price objective on Freeport-McMoRan from $56.00 to $52.00 and set an "outperform" rating for the company in a report on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $46.47.

Freeport-McMoRan Company 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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