Lyell Wealth Management LP Sells 1,873 Shares of Freeport-McMoRan Inc. $FCX

Lyell Wealth Management LP decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 139,365 shares of the natural resource company’s stock after selling 1,873 shares during the period. Lyell Wealth Management LP’s holdings in Freeport-McMoRan were worth $6,041,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $366,959,000. Amundi lifted its holdings in Freeport-McMoRan by 28.1% during the 1st 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 last quarter. Crake Asset Management LLP boosted its stake in Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after purchasing an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD boosted 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 period. Finally, Bank of New York Mellon Corp grew its holdings 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 buying an additional 2,642,810 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $41.18 on Monday. The firm has a 50 day moving average of $42.64 and a 200-day moving average of $40.71. The stock has a market capitalization of $59.12 billion, a PE ratio of 31.20, a PEG ratio of 0.96 and a beta of 1.58. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $50.12.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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 paid a $0.15 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FCX shares. UBS Group set a $48.00 target price on Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Sanford C. Bernstein dropped their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 30th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.92.

About Freeport-McMoRan

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.