Apollon Wealth Management LLC Has $1.35 Million Position in Freeport-McMoRan Inc. $FCX

Apollon Wealth Management LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,135 shares of the natural resource company’s stock after selling 2,549 shares during the period. Apollon Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,350,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Freeport-McMoRan by 1.5% in the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 17.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the period. Amundi boosted its position in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Bank of New York Mellon Corp boosted its position in Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock worth $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Freeport-McMoRan by 16.0% during the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 4.5%

FCX opened at $42.74 on Tuesday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.12. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $61.36 billion, a price-to-earnings ratio of 32.38, a P/E/G ratio of 0.93 and a beta of 1.58. The business has a 50 day moving average of $42.55 and a 200-day moving average of $40.58.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Johnson Rice decreased their target price on Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Raymond James Financial decreased their target price on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Finally, BNP Paribas Exane decreased their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

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.