Elo Mutual Pension Insurance Co Has $6.08 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Elo Mutual Pension Insurance Co cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,166 shares of the natural resource company’s stock after selling 5,859 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Freeport-McMoRan were worth $6,083,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Tompkins Financial Corp lifted its holdings in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after acquiring an additional 203 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after purchasing an additional 207 shares during the period. Kingsview Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. grew its stake in shares of Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FCX. Deutsche Bank Aktiengesellschaft raised their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Finally, Raymond James dropped their price objective on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Trading Up 1.8 %

NYSE:FCX opened at $43.92 on Thursday. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $43.97 and a two-hundred day moving average price of $47.09. The company has a market cap of $63.09 billion, a P/E ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.37%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.