Freeport-McMoRan Inc. $FCX Shares Sold by Syntax Research Inc.

Syntax Research Inc. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 19.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,173 shares of the natural resource company’s stock after selling 12,645 shares during the quarter. Freeport-McMoRan comprises about 2.0% of Syntax Research Inc.’s investment portfolio, making the stock its 15th largest holding. Syntax Research Inc.’s holdings in Freeport-McMoRan were worth $3,067,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of FCX. Pinnacle Bancorp Inc. increased its stake in Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares during the period. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares in the last quarter. Essex Bank lifted its stake in shares of Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares during the period. Leo Wealth LLC lifted its stake in shares of Freeport-McMoRan by 2.5% in the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. boosted its holdings in shares of Freeport-McMoRan by 0.9% in the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. The Goldman Sachs Group raised their price objective on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. CICC Research decreased their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. BMO Capital Markets lifted their price target on Freeport-McMoRan from $68.00 to $78.00 and gave the company an “outperform” rating in a research report on Tuesday, June 23rd. UBS Group boosted their price objective on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Stock Down 3.7%

NYSE FCX opened at $60.55 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The company’s 50 day simple moving average is $64.14 and its 200 day simple moving average is $61.15. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a market capitalization of $87.04 billion, a P/E ratio of 32.21, a PEG ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Freeport-McMoRan 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.