Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Lessened by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 20.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,910 shares of the natural resource company's stock after selling 13,572 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Freeport-McMoRan were worth $2,053,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of FCX. Madison Investment Advisors LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $3,388,000. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company's stock valued at $4,692,191,000 after acquiring an additional 642,776 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 237.4% during the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after acquiring an additional 6,486,011 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Freeport-McMoRan by 5.4% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company's stock worth $6,075,000 after purchasing an additional 8,195 shares during the last quarter. Finally, PGGM Investments boosted its holdings in Freeport-McMoRan by 220.3% in the fourth quarter. PGGM Investments now owns 40,467 shares of the natural resource company's stock worth $1,541,000 after purchasing an additional 27,834 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FCX. Scotiabank boosted their target price on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 14th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. UBS Group cut their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Finally, Raymond James reiterated an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.36.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.72 on Wednesday, hitting $38.92. The company's stock had a trading volume of 7,679,524 shares, compared to its average volume of 13,464,070. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $53.29. The company has a market capitalization of $55.93 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 0.87 and a beta of 1.65. The stock's 50-day moving average is $36.42 and its two-hundred day moving average is $38.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. The company's revenue for the quarter was down 9.4% compared to the same quarter last year. On average, equities research analysts forecast 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 was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.54%. Freeport-McMoRan's payout ratio is 24.79%.

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.