Prestige Wealth Management Group LLC Lowers Position in Freeport-McMoRan Inc. $FCX

Key Points

• Prestige Wealth Management Group LLC cut its Freeport-McMoRan stake by 97.2% in the first quarter, leaving it with just 590 shares worth about $35,000.
• Freeport-McMoRan reported better-than-expected second-quarter results, with earnings of $0.74 per share and revenue of $7.03 billion, both above analyst estimates, helped by stronger realized metal prices.
• The company also declared a quarterly dividend of $0.075 per share, while analysts remain generally positive with an average rating of “Moderate Buy” and several recent price-target increases.

Prestige Wealth Management Group LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 97.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 590 shares of the natural resource company's stock after selling 20,207 shares during the period. Prestige Wealth Management Group LLC's holdings in Freeport-McMoRan were worth $35,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FCX. Brighton Jones LLC lifted its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after buying an additional 2,882 shares during the period. Bison Wealth LLC increased its holdings in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after acquiring an additional 507 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $560,000. Brown Advisory Inc. raised its position in shares of Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock worth $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC raised its position in shares of Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title
• Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title
• Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title
• Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title
• Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title
• Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $63.31 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market cap of $91.01 billion, a PE ratio of 33.67, a P/E/G ratio of 0.64 and a beta of 1.37. The business has a 50-day simple moving average of $63.59 and a two-hundred day simple moving average of $62.33. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $72.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 2.72 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio is presently 15.96%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. BMO Capital Markets reaffirmed an "outperform" rating and set a $78.00 price objective on shares of Freeport-McMoRan in a research report on Thursday. Stifel Nicolaus boosted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday. Jefferies Financial Group increased their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, June 8th. UBS Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus target price of $68.95.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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