Envestnet Asset Management Inc. Purchases 78,018 Shares of Freeport-McMoRan Inc. $FCX

Envestnet Asset Management Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,547,779 shares of the natural resource company’s stock after purchasing an additional 78,018 shares during the period. Envestnet Asset Management Inc. owned about 0.11% of Freeport-McMoRan worth $67,096,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Freeport-McMoRan by 1.5% in 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Freeport-McMoRan by 17.8% in 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 during the last quarter. Amundi lifted its stake in Freeport-McMoRan by 28.1% in 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 during the last quarter. Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 13.7% in 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 during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Freeport-McMoRan by 16.0% in 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 during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.1%

NYSE FCX opened at $41.72 on Friday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21. The company has a 50 day moving average of $42.55 and a 200-day moving average of $41.28. The company has a market cap of $59.90 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 0.94 and a beta of 1.58.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given 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 payout ratio is presently 21.13%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. 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. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. HSBC upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price objective for the stock from $43.00 to $50.00 in a research report on Friday, October 17th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Tuesday, September 30th. Finally, CICC Research cut their price objective on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

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.