Pinnacle Associates Ltd. Sells 40,577 Shares of Freeport-McMoRan Inc (FCX)

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Pinnacle Associates Ltd. cut its position in Freeport-McMoRan Inc (NYSE:FCX) by 10.3% during the 2nd quarter, Holdings Channel reports. The firm owned 354,292 shares of the natural resource company’s stock after selling 40,577 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Freeport-McMoRan were worth $6,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Penserra Capital Management LLC lifted its position in Freeport-McMoRan by 281.1% in the 1st quarter. Penserra Capital Management LLC now owns 6,319 shares of the natural resource company’s stock valued at $100,000 after purchasing an additional 4,661 shares during the last quarter. Princeton Capital Management LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $101,000. Advisors Preferred LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $105,000. Signaturefd LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $147,000. Finally, St. Johns Investment Management Company LLC lifted its position in Freeport-McMoRan by 243.2% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 8,665 shares of the natural resource company’s stock valued at $150,000 after purchasing an additional 6,140 shares during the last quarter. Hedge funds and other institutional investors own 72.76% of the company’s stock.

Several analysts recently weighed in on FCX shares. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research report on Monday, May 28th. Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, June 29th. Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price objective on the stock in a research report on Thursday, August 2nd. BMO Capital Markets set a $17.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, April 24th. Finally, CIBC raised shares of Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 target price on the stock in a research note on Tuesday, May 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $17.97.

Freeport-McMoRan stock opened at $14.12 on Tuesday. The stock has a market cap of $20.24 billion, a price-to-earnings ratio of 7.39 and a beta of 2.46. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.62 and a current ratio of 2.72. Freeport-McMoRan Inc has a 52 week low of $13.22 and a 52 week high of $20.25.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.04. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $4.97 billion. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. Freeport-McMoRan’s quarterly revenue was up 39.3% on a year-over-year basis. During the same quarter last year, the company earned $0.17 EPS. research analysts forecast that Freeport-McMoRan Inc will post 1.95 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Friday, July 13th were paid a $0.05 dividend. The ex-dividend date was Thursday, July 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.42%. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

Further Reading: Fundamental Analysis and Choosing Stocks

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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