Private Wealth Partners LLC Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Private Wealth Partners LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 13.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 214,382 shares of the natural resource company’s stock after selling 32,685 shares during the period. Private Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $9,293,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Johnson Rice cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Royal Bank Of Canada cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 1st. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Tuesday, September 30th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.92.

Freeport-McMoRan Stock Down 0.8%

FCX stock opened at $41.04 on Tuesday. The firm’s fifty day simple moving average is $42.54 and its 200-day simple moving average is $41.15. The company has a market capitalization of $58.92 billion, a P/E ratio of 28.90, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.21.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to the consensus estimate of $6.74 billion. During the same period in the prior year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is 21.13%.

Freeport-McMoRan 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.