Ensign Peak Advisors Inc Trims Holdings in Freeport-McMoRan Inc. $FCX

Ensign Peak Advisors Inc decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% in the second quarter, HoldingsChannel reports. The firm owned 1,069,626 shares of the natural resource company’s stock after selling 6,055 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Freeport-McMoRan were worth $46,368,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FCX. Portside Wealth Group LLC increased its position in Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after purchasing an additional 245 shares during the period. Strengthening Families & Communities LLC increased its position in shares of Freeport-McMoRan by 0.6% during the second 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 period. CVA Family Office LLC raised its stake in Freeport-McMoRan by 21.3% in the second quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock worth $66,000 after buying an additional 268 shares in the last quarter. Cypress Wealth Services LLC lifted its holdings in Freeport-McMoRan by 4.6% in the second quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock worth $270,000 after buying an additional 273 shares during the period. Finally, Princeton Capital Management LLC boosted its position in Freeport-McMoRan by 1.1% during the 1st 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 in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FCX shares. Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday. CICC Research reduced their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Johnson Rice lowered their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. Finally, Sanford C. Bernstein cut their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Buy” and a consensus target price of $46.73.

Freeport-McMoRan Stock Down 3.8%

FCX stock opened at $39.68 on Friday. The stock has a market capitalization of $56.98 billion, a P/E ratio of 27.94, a P/E/G ratio of 0.94 and a beta of 1.64. 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 1-year low of $27.66 and a 1-year high of $49.12. The business has a fifty day moving average price of $41.19 and a 200-day moving average price of $41.82.

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 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 analysts’ expectations of $6.74 billion. During the same period last year, the firm posted $0.38 earnings per share. Freeport-McMoRan’s revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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