Cigna Investments Inc. New Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Cigna Investments Inc. New reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,795 shares of the natural resource company’s stock after selling 6,664 shares during the period. Cigna Investments Inc. New’s holdings in Freeport-McMoRan were worth $1,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. HWG Holdings LP purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Mizuho Securities Co. Ltd. lifted its holdings in shares of Freeport-McMoRan by 120.4% during the 1st quarter. Mizuho Securities Co. Ltd. now owns 787 shares of the natural resource company’s stock worth $26,000 after acquiring an additional 430 shares during the last quarter. Joseph P. Lucia & Associates LLC lifted its holdings in shares of Freeport-McMoRan by 250.0% during the 2nd quarter. Joseph P. Lucia & Associates LLC now owns 700 shares of the natural resource company’s stock worth $26,000 after acquiring an additional 500 shares during the last quarter. Solstein Capital LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $37,000. Finally, Montag A & Associates Inc. bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $37,000. Hedge funds and other institutional investors own 76.90% of the company’s stock.

Shares of NYSE:FCX opened at $34.30 on Friday. The company has a market cap of $50.35 billion, a price-to-earnings ratio of 17.96 and a beta of 2.08. The company has a 50-day moving average price of $35.69 and a 200-day moving average price of $36.97. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. Freeport-McMoRan Inc. has a 12 month low of $14.67 and a 12 month high of $46.10.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 22nd. The natural resource company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. The firm had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.83 billion. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The company’s quarterly revenue was up 88.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 2.96 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 2nd. Stockholders of record on Thursday, July 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend was Wednesday, July 14th. Freeport-McMoRan’s dividend payout ratio (DPR) is 55.56%.

FCX has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price objective for the company. in a report on Thursday, August 26th. Raymond James set a $47.00 price objective on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a report on Friday, July 23rd. Exane BNP Paribas downgraded shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating in a report on Friday, June 4th. Royal Bank of Canada boosted their price target on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the stock a “sector perform” rating in a research note on Friday, July 23rd. Finally, Credit Suisse Group downgraded shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price target for the company. in a research note on Friday, September 10th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $38.72.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

Further Reading: Growth and Income Funds

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

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