Freeport-McMoRan Inc. $FCX Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC has significantly reduced its stake in Freeport-McMoRan Inc. by 64.9% during the 1st quarter, now holding approximately $37.46 million worth of shares.
• Analysts have set varied ratings for Freeport-McMoRan, with a consensus target price of $51.00 and a mix of ratings ranging from Strong Buy to Hold.
• Freeport-McMoRan recently reported earnings that exceeded analyst expectations, posting $0.54 EPS for the quarter, alongside a revenue increase of 14.5% year-over-year.

Voya Investment Management LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 64.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 989,500 shares of the natural resource company's stock after selling 1,831,511 shares during the period. Voya Investment Management LLC owned 0.07% of Freeport-McMoRan worth $37,462,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. City Holding Co. purchased a new position in Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. purchased a new position in Freeport-McMoRan in the 1st quarter worth about $37,000. CKW Financial Group bought a new position in Freeport-McMoRan during the 1st quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan during the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on FCX. Scotiabank raised their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. UBS Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the company from $45.00 to $50.00 in a research report on Friday, July 11th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Stock Up 2.1%

Shares of NYSE:FCX traded up $0.92 during trading on Monday, reaching $45.64. The stock had a trading volume of 12,668,515 shares, compared to its average volume of 10,737,650. The firm's 50-day simple moving average is $43.68 and its 200 day simple moving average is $40.21. The company has a market capitalization of $65.53 billion, a P/E ratio of 34.58, a PEG ratio of 0.85 and a beta of 1.59. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Freeport-McMoRan 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.