Recurrent Investment Advisors LLC Cuts Position in Freeport-McMoRan Inc. $FCX

Recurrent Investment Advisors LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 40.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,517 shares of the natural resource company's stock after selling 35,203 shares during the period. Recurrent Investment Advisors LLC's holdings in Freeport-McMoRan were worth $3,087,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Evelyn Partners Investment Management Europe Ltd purchased a new position in Freeport-McMoRan in the first quarter valued at about $79,000. Evelyn Partners Investment Management LLP raised its holdings in Freeport-McMoRan by 13.1% in the first quarter. Evelyn Partners Investment Management LLP now owns 395,226 shares of the natural resource company's stock worth $23,231,000 after purchasing an additional 45,683 shares in the last quarter. Evercore Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $267,000. KCM Investment Advisors LLC lifted its position in shares of Freeport-McMoRan by 14.3% during the first quarter. KCM Investment Advisors LLC now owns 60,569 shares of the natural resource company's stock valued at $3,560,000 after buying an additional 7,569 shares during the last quarter. Finally, Glen Eagle Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 50.1% in the 1st quarter. Glen Eagle Advisors LLC now owns 3,637 shares of the natural resource company's stock valued at $214,000 after buying an additional 1,214 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FCX shares. Jefferies Financial Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Scotiabank increased their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research report on Monday, June 15th. UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.27.

Freeport-McMoRan Stock Performance

FCX opened at $61.58 on Wednesday. The company has a market cap of $88.53 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm's 50-day moving average price is $63.68 and its 200-day moving average price is $62.47. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan's revenue for the quarter was down 7.3% on a year-over-year basis. During the same period last year, the business earned $0.54 EPS. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 2.74 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 14.78%.

Freeport-McMoRan Company Profile

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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