Avior Wealth Management LLC Sells 61,887 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Avior Wealth Management LLC significantly reduced its stake in Freeport-McMoRan Inc. by 89.5%, selling 61,887 shares and holding only 7,256 shares by the end of the 2nd quarter.
• Freeport-McMoRan reported a quarterly earning of $0.54 per share, surpassing analysts' expectations of $0.45, with revenues of $7.58 billion, which is a 14.5% increase year-over-year.
• The company recently declared a quarterly dividend of $0.15 per share, expected to be paid on November 3rd, representing an annualized yield of 1.5%.

Avior Wealth Management LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 89.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,256 shares of the natural resource company's stock after selling 61,887 shares during the quarter. Avior Wealth Management LLC's holdings in Freeport-McMoRan were worth $315,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. City Holding Co. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $33,000. Dagco Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $37,000. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter valued at about $42,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock valued at $44,000 after buying an additional 319 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $39.24 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $51.45. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $56.34 billion, a PE ratio of 29.73, a P/E/G ratio of 0.77 and a beta of 1.59. The firm has a 50 day moving average of $42.81 and a two-hundred day moving average of $40.55.

Freeport-McMoRan (NYSE:FCX - Get Free Report) 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 analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the firm posted $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, 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 will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Analysts Set New Price Targets

FCX has been the subject of several analyst reports. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and set a $48.50 price target for the company in a research report on Thursday, September 25th. Clarkson Capital reissued a "neutral" rating and set a $42.00 price target on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Bank of America raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research report on Tuesday. Citigroup increased their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, HSBC decreased their price objective on shares of Freeport-McMoRan from $46.00 to $43.00 and set a "hold" rating for the company in a research report on Thursday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.81.

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.

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