Verus Capital Partners LLC Sells 3,245 Shares of Freeport-McMoRan Inc. $FCX

Verus Capital Partners LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 17.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,414 shares of the natural resource company’s stock after selling 3,245 shares during the quarter. Verus Capital Partners LLC’s holdings in Freeport-McMoRan were worth $668,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Strengthening Families & Communities LLC raised its holdings in Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after buying an additional 261 shares during the last quarter. CVA Family Office LLC grew its holdings in Freeport-McMoRan by 21.3% during the 2nd quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock worth $66,000 after acquiring an additional 268 shares during the last quarter. Cypress Wealth Services LLC increased its position in Freeport-McMoRan by 4.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after acquiring an additional 273 shares during the period. Kestra Private Wealth Services LLC raised its stake in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after acquiring an additional 275 shares during the last quarter. Finally, Princeton Capital Management LLC raised its stake in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after acquiring an additional 275 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday. CICC Research cut their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Deutsche Bank Aktiengesellschaft reduced their price target on Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Scotiabank increased their price target on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada cut their price objective on 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. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $41.07 on Wednesday. The business has a 50-day moving average price of $41.94 and a two-hundred day moving average price of $41.72. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $58.96 billion, a P/E ratio of 28.92, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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 return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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