Freeport-McMoRan Inc. $FCX Shares Sold by Focus Partners Wealth

Key Points

• Focus Partners Wealth significantly reduced its holdings in Freeport-McMoRan by 70.2%, selling 259,641 shares and now owning 110,199 shares valued at $4,172,000.
• Several institutional investors have increased their stakes in Freeport-McMoRan, with notable increases from Brighton Jones LLC and Bank Pictet & Cie Europe AG at 24.2% and 27.2% respectively.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, exceeding the consensus estimate of $0.45, and showcased a revenue of $7.58 billion for the quarter.

Focus Partners Wealth decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 70.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,199 shares of the natural resource company's stock after selling 259,641 shares during the period. Focus Partners Wealth's holdings in Freeport-McMoRan were worth $4,172,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of FCX. Brighton Jones LLC grew its stake in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after acquiring an additional 115,552 shares in the last quarter. Bison Wealth LLC grew its stake in shares of Freeport-McMoRan by 5.6% in 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. ProShare Advisors LLC grew its stake in shares of Freeport-McMoRan by 14.9% in the fourth quarter. ProShare Advisors LLC now owns 260,243 shares of the natural resource company's stock worth $9,910,000 after acquiring an additional 33,749 shares in the last quarter. Finally, Rafferty Asset Management LLC grew its stake in shares of Freeport-McMoRan by 10.6% in the fourth quarter. Rafferty Asset Management LLC now owns 129,326 shares of the natural resource company's stock worth $4,925,000 after acquiring an additional 12,386 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Ratings Changes

FCX has been the subject of several recent analyst reports. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Citigroup lifted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Scotiabank boosted their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.00.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $44.72 on Monday. The company has a market capitalization of $64.21 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 0.85 and a beta of 1.59. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a fifty day moving average of $43.66 and a two-hundred day moving average of $40.15.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The company's quarterly revenue 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 fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Freeport-McMoRan Company 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.

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