Cadinha & Co. LLC Has $3.20 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Cadinha & Co. LLC reduced its holdings in Freeport-McMoRan Inc. by 73.5%, now owning 73,912 shares valued at approximately $3.20 million, making it their 28th largest investment.
• Analysts have recently adjusted their target prices for Freeport-McMoRan, with several rating it as "outperform" or "buy," but lowering the price target to $48 from previous higher estimates.
• The company announced a quarterly dividend of $0.15 per share, reflecting an annualized payout of $0.60 and a yield of 1.4%, with the ex-dividend date on October 15th.

Cadinha & Co. LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 73.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,912 shares of the natural resource company's stock after selling 204,700 shares during the period. Freeport-McMoRan comprises 0.5% of Cadinha & Co. LLC's investment portfolio, making the stock its 28th biggest holding. Cadinha & Co. LLC's holdings in Freeport-McMoRan were worth $3,204,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strengthening Families & Communities LLC grew its holdings in shares of Freeport-McMoRan by 0.6% in 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 acquiring an additional 261 shares in the last quarter. Cypress Wealth Services LLC boosted its holdings in shares of 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 acquiring an additional 273 shares during the period. Kestra Private Wealth Services LLC grew its stake in 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 in the last quarter. Princeton Capital Management LLC increased its holdings in shares of Freeport-McMoRan by 1.1% in the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after purchasing an additional 275 shares during the period. Finally, Capital Investment Advisory Services LLC raised its position in shares of Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after buying an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an "outperform" rating for the company in a research report on Wednesday, September 24th. UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the company a "buy" rating in a research report on Friday, October 3rd. Royal Bank Of Canada cut their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 1st. Dbs Bank lowered their price objective on Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Finally, Wall Street Zen cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Four 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. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.92.

Freeport-McMoRan Trading Up 0.5%

FCX opened at $41.53 on Thursday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.21. The firm has a market cap of $59.63 billion, a P/E ratio of 31.46, a P/E/G ratio of 0.97 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. The stock has a 50-day moving average of $42.60 and a 200 day moving average of $40.81.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced 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 1.4%. Freeport-McMoRan's payout ratio is 22.73%.

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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