Aaron Wealth Advisors LLC Trims Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Aaron Wealth Advisors LLC cut its stake in Freeport-McMoRan by 23.5% in the first quarter, selling 55,860 shares and leaving it with 182,234 shares valued at about $10.7 million.
• Freeport-McMoRan recently reported better-than-expected quarterly results, posting EPS of $0.57 versus estimates of $0.47 and revenue of $6.23 billion versus expectations of $5.73 billion.
• The company continues to get bullish analyst support, with several firms maintaining or raising price targets and the consensus rating sitting at “Moderate Buy.”

Aaron Wealth Advisors LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 23.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 182,234 shares of the natural resource company's stock after selling 55,860 shares during the quarter. Freeport-McMoRan accounts for about 0.6% of Aaron Wealth Advisors LLC's investment portfolio, making the stock its 26th largest position. Aaron Wealth Advisors LLC's holdings in Freeport-McMoRan were worth $10,712,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Brighton Jones LLC boosted its holdings in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its stake in shares of Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan in the 2nd quarter worth approximately $560,000. Brown Advisory Inc. lifted its holdings in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock worth $539,000 after acquiring an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its stake in shares of Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock valued at $2,172,000 after purchasing an additional 14,992 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $62.79 on Friday. The company's fifty day simple moving average is $64.73 and its two-hundred day simple moving average is $60.70. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market cap of $90.26 billion, a PE ratio of 33.40, a price-to-earnings-growth ratio of 0.75 and a beta of 1.35. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is 15.96%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Morgan Stanley restated an "equal weight" rating and set a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. CICC Research decreased their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an "outperform" rating on the stock in a report on Tuesday, April 28th. Raymond James Financial decreased their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Finally, The Goldman Sachs Group boosted their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $68.27.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Freeport-McMoRan to $78 from $68 and kept an outperform rating, signaling more upside potential for the stock. BMO Capital adjusts price target on Freeport-McMoRan
• Positive Sentiment: Freeport-McMoRan declared a quarterly cash dividend of $0.15 per share, which includes both a base dividend and a variable dividend, reinforcing shareholder returns and reflecting confidence in cash generation. Freeport declares quarterly cash dividends
• Positive Sentiment: FCX has been showing relative strength versus the broader market, with recent trading action indicating the stock has been rising while the market has dipped. FCX gains as market dips
• Neutral Sentiment: Freeport-McMoRan is also being highlighted as one of the most watched stocks on Zacks, suggesting elevated investor interest, but not necessarily a direct fundamental catalyst. FCX is attracting investor attention
• Neutral Sentiment: Some market commentary says FCX underperformed competitors on Tuesday, which may point to normal trading rotation rather than a major negative company event. Freeport-McMoRan stock underperforms Tuesday when compared to competitors

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.