NewEdge Advisors LLC Cuts Stake in Freeport-McMoRan Inc. $FCX

Key Points

• NewEdge Advisors LLC sold 10,669 shares of Freeport-McMoRan, reducing its stake by 5.0% in the first quarter, with remaining holdings valued at approximately $7.67 million.
• Multiple analysts have recently upgraded or downgraded the stock, with target prices ranging from $50.00 to $56.00, and a consensus rating of "Moderate Buy".
• Freeport-McMoRan reported $0.54 earnings per share for the last quarter, exceeding estimates, and declared a quarterly dividend of $0.15 per share, resulting in an annual yield of 1.3%.

NewEdge Advisors LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 202,550 shares of the natural resource company's stock after selling 10,669 shares during the quarter. NewEdge Advisors LLC's holdings in Freeport-McMoRan were worth $7,669,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. City Holding Co. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $33,000. Bernard Wealth Management Corp. acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $35,000. Dagco Inc. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $37,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Freeport-McMoRan during the 1st quarter worth $42,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Freeport-McMoRan by 38.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FCX. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. 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 note on Tuesday, July 8th. Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective on the stock. Finally, Bank of America reissued a "neutral" rating and issued a $56.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Trading Up 2.2%

NYSE:FCX traded up $0.98 on Thursday, reaching $45.86. The stock had a trading volume of 14,918,063 shares, compared to its average volume of 15,438,299. The company has a market cap of $65.84 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 0.83 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The firm's fifty day moving average is $43.69 and its two-hundred day moving average is $40.00. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business 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. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Tuesday, July 15th. Freeport-McMoRan's dividend payout ratio is presently 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.