QRG Capital Management Inc. Sells 11,856 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• QRG Capital Management Inc. has reduced its stake in Freeport-McMoRan Inc. by 5.8%, selling 11,856 shares and holding 193,075 shares valued at approximately $8.37 million.
• Freeport-McMoRan announced a quarterly dividend of $0.15 to be paid on November 3rd, with a dividend yield of 1.5% and a payout ratio of 22.73%.
• Despite recent reductions in target prices from various analysts, Freeport-McMoRan still holds a consensus rating of "Moderate Buy" with an average price target of $46.74.

QRG Capital Management Inc. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 193,075 shares of the natural resource company's stock after selling 11,856 shares during the period. QRG Capital Management Inc.'s holdings in Freeport-McMoRan were worth $8,370,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Stratos Investment Management LLC boosted its stake in Freeport-McMoRan by 238.5% during the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after buying an additional 45,458 shares during the period. Community Bank N.A. raised its holdings in shares of Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Bourgeon Capital Management LLC boosted its position in shares of Freeport-McMoRan by 8.1% during the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company's stock valued at $14,373,000 after acquiring an additional 24,803 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Freeport-McMoRan by 2.2% during the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Finally, Financial Sense Advisors Inc. increased its position in shares of Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after purchasing an additional 64,003 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.0%

Shares of FCX stock opened at $39.66 on Monday. The business has a 50-day moving average of $42.47 and a 200 day moving average of $40.54. 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 Inc. has a 1-year low of $27.66 and a 1-year high of $51.19. The stock has a market capitalization of $56.94 billion, a PE ratio of 30.05, a P/E/G ratio of 0.87 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business's revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company 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 is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. CICC Research dropped their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating for the company in a research report on Friday, September 26th. Royal Bank Of Canada dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating for the company in a report on Wednesday. Scotiabank reissued a "sector perform" rating and issued a $45.00 target price (down previously from $55.00) on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research report on Tuesday, September 30th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Freeport-McMoRan in a research note on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average target price of $46.74.

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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